Westpac and St George this morning announced they had agreed on key terms for a proposed merger of the two companies.
An agreement was signed today for a two week exclusivity period during which the parties would undertake reciprocal due diligence and negotiate the terms of a Merger Implementation Agreement.
The St George Board will recommend the merger to shareholders however it will still be subject to regulatory approvals by the Federal Treasurer, APRA as well as the ACCC.
The combined business would be Australia’s largest bank by market capitalisation at approximately $66 billion. It would also be the leading home loan provider with a 25 per cent market share.
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