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Bendigo and Adelaide Bank Limited (ASX:BEN) is poised to buy the business and assets of Victoria’s Rural Finance Corporation for $1.78 billion.
The Brisbane-based regional lender has entered into trading halt ahead of a $230 million capital raising.
Bendigo and Adelaide Bank expects the purchase will have a value of about $1.695 billion when the deal is tied up in mid-July.
Managing Director Mike Hirst says Rural Finance will work together with the bank’s existing specialist agricultural business.
Bendigo and Adelaide Bank reported a net profit of $181 million in the first half of the 2014 financial year.
News: BEN spends $1.8B to buy Rural Finance
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$11.39 |
Change
-0.070(0.61%) |
Mkt cap ! $6.469B | |||
| Open | High | Low | Value | Volume |
| $11.42 | $11.54 | $11.36 | $11.68M | 1.022M |
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| No. | Vol. | Price($) |
|---|---|---|
| 2 | 8285 | $11.39 |
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| Price($) | Vol. | No. |
|---|---|---|
| $11.40 | 55962 | 2 |
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