634 Australian companies, 737 deals and raisings: Corporate and M&A in September 2026

Across the Australian companies we track, 634 recorded 737 Corporate and M&A events in September 2026: 372 capital raisings and 365 M&A moves. On 30 September, Metals X, Australia's primary tin producer, set out a strategy to control 10-15% of global tin concentrates, backed by a $374m war chest (Stockhead).

Metals X already holds about 30% of First Tin, whose Taronga project in New South Wales is flagged as its next target (Stockhead). It also holds 16.4% of Stellar Resources, whose Heemskirk project sits near its Renison mine (Stockhead). John Forwood, chief investment officer of Lowell Resources Fund, reported it this way: “Metals X spoke at that conference and they said they're planning to control 10-15% of global tin in concentrates through acquisitions”.

A South African mining group remains in dialogue with Australia's largest gold miner after its initial $38 billion bid was rejected (The Age). Merchant paid $255.9 million for a stake in Ironbark, its largest deal outside the United States (WealthManagement.com). Suncorp is in preliminary takeover talks with an unnamed suitor (ASX announcement), and Big Super, advised by Macquarie Capital, is preparing an indicative bid for Rio Tinto's power infrastructure assets in Canada and Australia (AFR).

Capital moved at both ends. APA Group took 80% of the 400MW Brigalow Peaking Power Plant in Queensland for about $1,015 million from its balance sheet (Sharecafe), and InfraBuild is moving to a formal refinancing involving $750m or more in new capital (AFR). In the mid-market, Alceon took a majority stake in Engage Squared (APAC private equity report) and XPON Technologies sold Datisan to Incubeta for $8.1 million in cash (ASX announcement).

Corporate and M&A demand splits almost evenly in September, 372 capital raisings to 365 M&A events. For the corporate partners of Australian law firms, the Metals X programme is the clearest single source of work. Stake building across First Tin and Stellar Resources creates substantial holding and takeover threshold advice for the bidder, and defence work on each target's side.

Shareholding moves carry the same disclosure load at smaller scale. Mercer Investments lifted its stake in Microba Life Sciences to 8.725%, and Mitsubishi UFJ Financial Group ceased to be a substantial holder in IDP Education. Each is a notice to draft and lodge.

Suncorp's preliminary talks and the rejected $38 billion gold bid sit in the takeover and scheme lane, where target boards take advice well before any offer is formal. The InfraBuild process creates lender and borrower mandates on a $750m-plus refinancing.

At the small-cap end, Enova Mining's rights issue of about AUD 495,000 and Sagalio Energy's placement create offer documents and ASX compliance work. Business development teams can set these 634 companies against their client lists, starting with Alceon's buy-and-build at Engage Squared.