Westpac deal raises hopes of Australia bank shake-out (Reuters)
May 13, 2008
Reuters - The largest banking takeover in
Australia's corporate history has spurred investors to pile
into shares of smaller banks in the hope of a sector shake-out.
Westpac Banking Corporation and St George banks in merger talks
Westpac Banking Corporation, Australia's oldest company, is in talks with St George, a former building society, about merging to form a A$64 billion ($£31 billion) institution.
Westpac may have to boost $17.6 billion St George bid (Reuters)
Reuters - Westpac Banking Corp Ltd , which has bid $17.6 billion for St George Bank in the biggest banking takeover ever in Australia, is bracing for rival offers to emerge that could push the price tag even higher. 
Westpac says Gail Kelly a 'great asset'
Westpac Banking Corp chairman Ted Evans says CEO Gail Kelly is a "great asset" as the company attempts to buy rival St George Bank.
Westpac offer 'in the ball park'
Most analysts say Westpac's offer of $33.10 for each St George share is fair, but some are still hoping for more.
Westpac expect 8% cash earnings growth
Westpac Banking Corporation says it is on track to deliver 2008 cash earnings growth of between six and eight per cent.
Westpac approaches St George over merger
Westpac Banking Corporation has approached St George Bank about a proposed merger between the two.
Westpac cash profit expected to rise
Westpac Banking Corporation is expected to sidestep the bad debt troubles faced by the ANZ Bank and report a healthy rise in first-half cash profit.
Westpac momentum tipped to continue
Analysts say Westpac Banking Corporation Ltd is a "safe haven" in the finance sector and are tipping its strong profit momentum to continue.
Westpac and St George Bank mull £31bn merger
Westpac Banking Corporation, Australia’s oldest company, is in talks with a smaller rival to create a A$64 billion ($£31 billion) institution with a customer base equivalent to about half the size of the country’s population.
St George to recommend Westpac takeover
St George Bank's board will recommend to its shareholders Westpac Banking Corporation's $19b takeover after the two lenders signed an implementation agreement.
Westpac to raise $600m from new issue
Westpac Banking Corp plans to raise $600 million from the sale of new Tier 1 hybrid securities in the domestic market.
Westpac set to mirror St George strategy
Westpac Bank will have to tread carefully if it wants to keep setting the standard for customer satisfaction at takeover target St George, a researcher says.
Australia's Westpac bids $17.6...
Reuters - Westpac Banking Corp Ltd
launched a $17.6 billion all-share bid for smaller rival St
George Bank Ltd in a tie-up that would create
Australia's biggest bank by...
Westpac, St George talk merger
Westpac enters merger talks with St George Bank to create Australia's largest home lending and wealth management provider.
ASX high at noon as Wall St soars
The Australian stock market was up at noon as News Corporation Ltd reported robust fourth-quarter and full-year results.
08/06/08
Similar news about ANZ Bank
Mega-bank in the making
Westpac enters merger talks with St George Bank to create Australia's largest home lending and wealth management provider.
Australia's Westpac offers $14B for bank rival St. George
Westpac Banking Corp. said Monday it has approached rival St. George Bank Ltd. with a $14 billion takeover offer that could lead to the biggest shakeup of Australia's banking sector in years.
Westpac approaches St. George in major shakeup of Australian bank sector
Westpac Banking Corp. said Monday it has approached rival St. George Bank Ltd. with a 15 billion Australian dollars (US$14 billion; €9 billion) takeover offer that could be the biggest shakeup of Australia's bank sector in years.
Stalking the dragon
The story of the acquisition of St George begins on a fateful day last August when some startling news sparked the global credit crisis, writes Danny John.
BHP and Rio Tinto lead market higher
The Australian sharemarket closed higher yesterday, boosted by strong rises in global miners BHP Billiton and Rio Tinto.
Westpac likely to outsource 3000 jobs
WESTPAC is expected to shift the work of up to 3000 back-room staff to overseas locations such as India over the next three years in an accelerated plan to cut costs being put...
Westpac beats gloom
WESTPAC yesterday ruled out any need to ration lending in the global credit crisis, revealing that it had so far escaped the worst of the domestic economic slowdown.
Credit squeeze makes Dragon prey
The global credit squeeze and the higher cost of funding it has induced is the key that Westpac chairman Ted Evans hopes will unlock St George Bank.
Creating nation's biggest bank will...
THE $700 million price tag attached to the merger of Westpac and St George banks is expected to be met by stripping as much as a quarter of St George's cost base from the...