Australian Shares Flat; Vault Minerals Receives Nearly AU$6 Billion Merger Proposal From Genesis Minerals

Australian shares were flat, with a negative bias, on Monday as investors await the minutes from the US Federal Reserve's first board meeting under the new chairman, Kevin Warsh. The S&P/ASX 200 Index was little changed to close at 8,831. Brent crude oil futures were lower, trading at around $71 per barrel as shipping continued through the Strait of Hormuz. OPEC+ agreed on a further increase in output targets by 188,000 barrels per day from August. Gold declined slightly to around $4,166 per ounce. On the domestic front, the Melbourne Institute monthly inflation gauge declined again in June following consecutive increases in March and April, driven mainly by lower transport costs, particularly reduced fuel prices. The number of Australian job ads in seasonally adjusted terms fell 0.2% month on month in June to 115.8, following an upwardly revised 2% month-on-month increase in May, ANZ reported. In company news, Vault Minerals (ASX:VAU) received an unsolicited binding proposal from Genesis Minerals (ASX:GMD) to merge via acquisition by Genesis of all ordinary shares in Vault through a scheme of arrangement, valuing Vault at AU$5.6 billion or AU$5.27 per share. Worley.