IFL is a medium term play... it will take time to integrate fully ANZ and even longer to integrate MLC. I think they will be able to find a lot more in synergies given the sheer scale they are creating. Combining IOOF / ANZ P&I / MLC removes at least 3 layers of management.
From memory IFL raised stock @$10/share to buy ANZ P&I and $3.50/share to buy MLC - so at current prices - ANZ P&I is valued at 30% of what was paid and MLC is 10% cheaper off an already well priced deal when compared to what KKR paid for CFS (i.e. 50% less)
However, there is still quite a bit of stock to be absorbed by the market so its recovery will take some time.
IOOF powerhouse, page-4
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$3.31 |
Change
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Mkt cap ! $2.220B | |||
| Open | High | Low | Value | Volume |
| $3.31 | $3.34 | $3.28 | $2.950M | 891.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 25732 | $3.31 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.34 | 28158 | 6 |
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