You are here

Australia's Macquarie Group on trading halt amid acquisition rumours

415641561
Macquarie Group's shares were placed on a trading halt on Thursday amid market rumours Australia's top investment bank will buy ANZ Banking Group's vehicle finance unit in a deal worth A$1.5 billion (S$1.52 billion).

SYDNEY] Macquarie Group's shares were placed on a trading halt on Thursday amid market rumours Australia's top investment bank will buy ANZ Banking Group's vehicle finance unit in a deal worth A$1.5 billion (S$1.52 billion).

Macquarie told the stock exchange on Thursday it expects to make an announcement on "a proposed transaction" before the market opens on Monday.

Last month, Australia's competition watchdog approved Macquarie's proposed bid for Esanda, saying the possible acquisition was unlikely to substantially lessen competition in the car finance market.

Deutsche Bank is advising ANZ on the sale, which will help Australia's No. 4 lender by assets cut its capital requirements in line with tough new rules.

REUTERS

sentifi.com

Market voices on:

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom