St George and Westpac have announced that they have signed a Merger Implementation Agreement (MIA) to form what would be the largest national bank by market capitalisation – and the largest provider of home loans.
Under the MIA, the exclusivity period, which provides for St George to work exclusively with Westpac, has been extended.
While the exclusivity period does not prevent St George from considering any other proposals which may emerge, the bank expressed satisfaction in the terms of Westpac’s offer.
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John Curtis, chairman of St George, said the merger would greatly enhance both customer experiences and shareholder value and said the bank would recommend Westpac’s offer to its shareholders.
Published: 27-05-08
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