CBA’s general insurance business is expected to sell for about $1 billion. IAG and Suncorp are also bidding for the business. While IAG was considered an early strong contender, Suncorp has also been aggressively pursuing the acquisition. However, both IAG and Suncorp are likely to face challenges getting clearance from the Australian Competition & Consumer Commission.
QBE is also reportedly interested in the business, but the company is currently being run by interim head Richard Pryce. The board may not be prepared to make an acquisition until incoming CEO Andrew Horton takes the reins in September, The Australian reported.
https://www.mpamagazine.com.au/sections/market-talk/new-player-vying-for-commbank-general-insurance-unit-276334.aspx
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Ash here.
I don't see an acting CEO slowing a desirable M&A. If QBE likes the exposure and price, they should bid. I suspect they pass.
Ash
Ash
CBA’s general insurance business is expected to sell for about...
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Last
$16.92 |
Change
0.130(0.77%) |
Mkt cap ! $25.48B | |||
| Open | High | Low | Value | Volume |
| $16.86 | $17.05 | $16.85 | $23.77M | 1.400M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 12 | 2253 | $16.91 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $16.92 | 5339 | 15 |
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| QBE (ASX) Chart |