Australian companies have become the focus of a growing wave of takeover interest in 2026, with private equity firms, infrastructure investors and overseas corporations pursuing deals across sectors ranging from steel and waste management to insurance, property and financial services.
The approaches have highlighted the continuing appetite among global investors for Australian assets, even as boards weigh valuations, economic uncertainty and the interests of existing shareholders. While a number of proposals have progressed to due diligence or formal negotiations, several others have been rejected or failed to advance beyond preliminary discussions.
Among the companies attracting attention are Atlas Arteria, BlueScope Steel, Cleanaway Waste Management, FleetPartners, Ingenia Communities, Lynas Rare Earths, Perpetual, Reliance Worldwide, Steadfast and Suncorp.
Atlas Arteria
Toll-road operator Atlas Arteria was among the companies targeted early in the year.
In April, IFM Global Infrastructure Fund made a takeover offer for all shares it did not already own, valuing Atlas Arteria at about A$6.89 billion ($4.91 billion).
The fund's investment vehicle, Diamond Infraco 1, also proposed a potential incentive for shareholders. Under the structure outlined at the time, the offer price could rise to as much as A$5.10 per share if the bidder secured a stake of 45% or more before the offer closed.
The proposal underscored the appeal of infrastructure assets to large institutional investors seeking long-term, relatively stable investments.
BlueScope Steel
Steelmaker BlueScope Steel received one of the year's largest takeover approaches in January, when a consortium comprising billionaire Kerry Stokes-owned SGH and US-based Steel Dynamics proposed a A$13.15 billion ($9.37 billion) acquisition.
However, the proposal ran into resistance from BlueScope's board.
In late February, the steelmaker rejected the offer, saying the “price was not sufficient for the board to recommend a scheme of arrangement”.
The company nevertheless left open the possibility of further discussions, keeping the door ajar for a revised proposal.
Cleanaway Waste Management
Waste management company Cleanaway Waste Management also attracted major private equity interest.
In mid-August, EQT Infrastructure submitted a A$9.4 billion ($6.70 billion) takeover offer for the company. Cleanaway subsequently granted the bidder exclusive access to due diligence, marking a significant step beyond an initial approach.
EQT Infrastructure is managed by Swedish investment firm EQT, which has been active in global infrastructure and private equity markets.
FleetPartners
Vehicle leasing company FleetPartners became the subject of competing takeover interest in September.
The company said it had received revised proposals from three potential buyers: SG Fleet, Japan's ORIX and a consortium led by Sumitomo Corporation.
The approaches valued FleetPartners at as much as A$982.1 million ($701.22 million).
The company said its board had decided to grant all three parties access to a further phase of due diligence, potentially setting the stage for a competitive process involving multiple bidders.
Ingenia Communities
Property developer Ingenia Communities rejected a A$1.94 billion ($1.39 billion) takeover proposal from US private equity giant Warburg Pincus in early September.
Ingenia said the offer undervalued the company.
Warburg Pincus had also attached a condition requiring Ingenia to terminate its planned A$711 million acquisition of master-planned communities developer Peet.
The condition added another layer of complexity to the takeover discussions, linking the proposed acquisition of Ingenia to the company's broader growth and investment strategy.
Lynas Rare Earths
Lynas Rare Earths, the world's largest producer of rare earths outside China, was also involved in takeover discussions earlier in the year.
However, the talks remained highly uncertain and ultimately did not proceed, a company spokesperson said in early September.
Lynas has attracted strategic interest because of its position in the global rare earths supply chain and the growing focus by governments and companies on securing supplies outside China.
Perpetual
Financial services group Perpetual has faced sustained interest from Swedish buyout firm EQT.
In late July, Perpetual rejected EQT AB's sweetened A$2.55 billion ($1.82 billion) proposal, saying it was “not in the best interests of shareholders”.
Despite rejecting the offer, Perpetual granted EQT limited access to due diligence as the Swedish firm considered whether it could formulate an improved proposal.
In August, alongside its annual results, Perpetual said it had entered into a non-disclosure agreement with Windflower Pte, an entity understood to be indirectly controlled by EQT AB.
The agreement was intended to allow the parties to assess whether an improved proposal could be developed.
Reliance Worldwide
Plumbing supplies manufacturer Reliance Worldwide secured an agreement with global investment firm Brookfield in September for a buyout worth roughly $2.9 billion.
The transaction provided a reprieve for Reliance Worldwide as the company contended with the effects of US tariffs and broader economic uncertainty.
The agreement also demonstrated the continued interest of major global investment firms in Australian industrial companies with international operations and exposure to long-term infrastructure and construction demand.
Steadfast
Insurance distribution company Steadfast agreed to a A$7.7 billion ($5.50 billion) acquisition by a KKR-backed consortium in late August.
Under the transaction, Amwins Group is set to take control of Steadfast's underwriting agency business, while Dragoneer Investment Group will take control of its broking operations.
The deal represents one of the year's largest transactions involving an Australian financial services company and illustrates the appeal of insurance distribution businesses to international investment groups.
Suncorp
Suncorp has also emerged as a potential target, although no takeover agreement has been reached.
In late August, the Financial Times reported that Japanese insurer Tokio Marine had identified Suncorp as a preferred takeover target after considering several potential options.
The report, citing people familiar with the matter, said discussions were ongoing and warned that there was no certainty a transaction would result.
Suncorp declined to comment on the report.
Takeover activity gathers momentum
The range of companies attracting interest this year reflects the breadth of international appetite for Australian assets, spanning infrastructure, resources, manufacturing, property, financial services, insurance and industrial businesses.
For potential buyers, Australian companies can offer established businesses, significant assets and exposure to developed markets. For boards and shareholders, however, takeover proposals raise questions over valuation, strategic direction and whether an immediate sale represents the best outcome compared with remaining independent.
The contrasting responses from Australian companies also illustrate the different stages at which takeover discussions can develop. Some proposals have been rejected outright, others have progressed to due diligence, while several remain the subject of preliminary or uncertain discussions.
With global private equity firms, infrastructure funds and strategic investors continuing to assess opportunities, further takeover activity could remain a prominent feature of Australia's corporate landscape through 2026.