Australia's St. George agrees to Westpac takeover
September 8, 2008
St. George Bank Ltd., Australia's fifth-largest bank, agreed to a revised 17.3 billion Australian dollar ($14.4 billion) takeover proposal by larger rival Westpac Banking Corp. on Monday, in what would be the biggest banking acquisition in Australian history.
Babcock & Brown shares dive on fee flow fears
Babcock & Brown, the worst- performing stock on the MSCI Asia-Pacific Index, fell on concerns that credit market turmoil may cut proceeds from asset sales to reduce debt.
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.
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.
Orica to demerge consumer products
Orica Ltd plans to demerge its consumer products business into a separate company and raise up to $900 million through an entitlement offer.
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
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Westpac may have to boost $17.6...
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...
Babcock plunges further
Babcock & Brown, Australia's second-largest investment bank, plunged further, falling almost a third in early trading.
CSL to acquire Talecris for $3.4b
Blood products and vaccine firm CSL will acquire Talecris Biotherapeutics Holdings for $3.48 billion to boost its presence in the plasma therapeutics market.
08/13/08
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Babcock CEO, Chairman Step Down
Babcock & Brown unveiled a major overhaul of its board and management but failed to stem the drop in its share price due to continued concerns about its financial position.
Fairfax moves to unwind margin loan
THE Fairfax Media director John B. Fairfax has unwound a margin loan over 159 million of the publisher's shares, which was believed to have prompted short-sellers to target the stock over recent weeks.
Red Wings reward Babcock for winning...
AP - Mike Babcock's new contract allows the oldest of his three children to graduate from the same high school she's attending. And if all goes well with the Detroit Red Wings...
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Babcock & Brown's lenders removed a debt clause and waived their right to review its ability to repay $2.7 billion in loans.
Australia's Westpac offers $14B for...
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...
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...
St. George agrees to Westpac takeover
Westpac Banking Corp. and smaller rival St. George agreed to a takeover deal Tuesday worth 18.6 billion Australian dollars ($17.5 billion) that would create Australia's biggest...
St. George Bank agrees to Westpac...
St. George Bank agreed Tuesday to a nearly 19 billion Australian dollar (US$18 billion; €12 billion) takeover offer from Westpac Banking Corp. that would create Australia's...
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.
BHP Billiton abandons bid for Rio Tinto
BHP Billiton Ltd., the world's biggest mining company, abandoned a hostile $68 billion takeover bid for rival Rio Tinto Ltd., blaming the global economic downturn and plunging commodity prices.
Westpac's ray of light
Westpac has so far managed to avoid big problem credit exposures, and should it successfully swallow St George, will become Australia's biggest bank.
Westpac takes over Tongan operation
Westpac Banking Corp has bought the 40 per cent stake held by the Government of Tonga in Westpac Bank of Tonga for an undisclosed sum.
Westpac approaches St. George in...
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...
Rio Tinto posts record half-year profit
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Australia approves Chinalco's stake...
Australia has approved Aluminum Corp. of China Ltd.'s stake in miner and takeover target Rio Tinto Ltd., Treasurer Wayne Swan said Sunday.
Wesfarmers denies buying a bad apple
THE managing director of Wesfarmers has denied that earnings at its supermarkets and bottle shops have gone backwards.