Australian Shares Flat; Northern Star Resources Rejects Unsolicited Gold Fields Takeover Proposal

• ASX 200 flat as oil rose on fading US-Iran truce hopes; Australia's budget deficit narrowed • Northern Star shares jumped ~9% after rejecting Gold Fields' takeover offer • Reliance Worldwide draws rival bidder interest; Peet's Ingenia deal stays on track Australian shares closed little changed Monday, with the S&P/ASX 200 at 8,679.70, while most Asian markets fell as fading hopes for a US-Iran truce pushed Brent crude to about $107.20/barrel. Iran said diplomacy remains the only path forward after Trump rejected its proposal to reopen the Strait of Hormuz. Domestically, Australia's 2025-26 budget deficit came in at AU$22.3 billion (0.8% of GDP), AU$6 billion better than forecast, Treasurer Jim Chalmers said. Northern Star Resources shares rose nearly 9% after rejecting an unsolicited Gold Fields bid offering 0.3125 Gold Fields shares plus AU$7.25 cash per share. Reliance Worldwide is reportedly drawing interest from multiple suitors, including Masco, as competition emerges against Brookfield's bid. Peet said its scheme deed with Ingenia Communities remains in effect and the deal is progressing despite a revised non-binding proposal from Warburg Pincus.