The ASX has confirmed it has reviewed ANZ’s offer for Suncorp bank in extra detail and confirmed a shareholder vote is not required.
, which is conditional on clearing competition regulatory hurdles and navigating rare Queensland laws.Advertisement
Another more complex trigger is Listing Rule 11.2, which requires a shareholder vote if the division being sold is the “main” undertaking of the business.Four criteria determine if that is the case: if the division being sold contributes more than half of total revenue, assets, profits before tax or earnings before interest, tax, depreciation and amortisation.
It has a bigger revenue slice, raking in almost $5.5 billion in gross written premiums from Australia and New Zealand insurance in the six months to December. The bank had $635 million in net interest income and other revenue. And on profits in the past half-year, the bank was again ahead, and is tipped by analysts to repeat that again in the full year. The bank in the previous six months generated $200 million in profit, the Australian insurance arm generated $114 million and the New Zealand division $81 million.
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