ANZ Banking Group has offered $4.9 billion to buy Suncorp’s bank, with the deal on track to be signed and announced on Monday morning.
ANZ Banking Group has offered $4.9 billion to buy Suncorp’s bank, with the deal on track to be signed on Monday morning.
It is understood the offer valued Suncorp’s bank at a premium to its listed rivals, on a price to book value basis, which was an important consideration for the Queensland-based company’s board. Suncorp chair Christine McLoughlin and her board are seeking to finalise the sale of the company’s bank.A transaction since Westpac Banking Corp bought St George for $18.5 billion in 2008.
The late-stage talks were playing out on the weekend, with a view to have the transaction ready for both companies’ shareholders on Monday morning. Melbourne-based ANZ is expected to raise equity to fund the acquisition. It is understood to be looking for underwriting for a $3.5 billion raising, via a renounceable entitlement offer.
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