iwl buys stake, page-9

Re ANZ

last year the bought Direct Broking..... NZ's largest online brokerage........ cost them peanuts by comparison of course

They obviously see this as a growth area for the business

The fact is..... the will not get 90% at 4.05
so they can either
1. Walk away in which case the price goes to 3.50 ish
2. Up the bid (and get caledonia to sign up beforehand)

My bet is they will be talking to Caledonia (indirectly) to find out where they will sell..... remember they already own 33% so they only have to pay say 10% more on the additional ....ie $27m more............ not much really for a big bank who can extract lots of synergies.