Barrenjoey’s banking analysts Jon Mott and Minh Pham were struggling to find a strategic rationale for ANZ to make the $4 billion odd purchase.
ANZ wants to buy MYOB, but Barrenjoey’s Jon Mott reckons there’s no strategic rationale for the acquisition.In a note sent to clients on July 13, the duo said they remained “cautious” about the touted deal,For starters, they said, banks did not have a successful track record from investing in technology companies.
The duo said SME banking’s relied on relationships and financial reporting in the past, of which the latter is often not timely. They reckoned the acquisition would require a non-operating holding company structure, which ANZ’s already announced it is exploring.
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