“Asian stocks rose, driving a regional benchmark index higher for the first time in five days, amid improved earnings and merger-and-acquisition speculation. Tokyo Electric Power Co. gained after it presented a plan for stabilizing a stricken nuclear-power plant.
Fairfax Media Ltd. (FXJ) surged 4.3 percent in Sydney after reports Lachlan Murdoch, son of News Corp. Chief Rupert Murdoch, is mulling a bid for its radio unit. Austar United Communications Ltd. (AUN) added 6.1 percent on speculation Foxtel is in advanced talks over a potential takeover. Mizuho Financial Group Inc. (8411) gained 3.2 percent in Tokyo after the Nikkei newspaper said it plans to merge its retail and corporate banks. Tokyo Electric rose 2.4 percent as it confirmed plans to cool damaged reactors as early as October
“Increasing corporate activity reflects the fact that companies’ balance sheets are well capitalized and funding has become more freely available,” said Matt Riordan, who helps manage close to $7 billion in Sydney at Paradice Investment Management Pty. “Corporate activity is positive as it underwrites the share prices of the potential targets.”
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