(Recasts headline and lead paragraph with reported buyout offer and price)
SYDNEY, July 17 (Reuters) - Australia and New Zealand Banking Group (ANZ) has offered to buy insurer Suncorp Group's (SUN) banking unit for around A$5 billion ($3.40 billion), in what could be Australia's biggest banking deal in more than a decade, local media reported.
ANZ and Suncorp were locked in late-stage talks on the weekend, with the deal for Suncorp Bank expected to be announced on Monday morning, the Australian Financial Review (AFR) said in a report on Sunday, citing sources involved in the talks.
A Suncorp spokesperson said the company does not comment on market speculation. ANZ did not immediately respond to a request seeking comment outside of normal business hours.
The ANZ offer values Suncorp's banking unit at a premium to its listed rivals on a price-to-book value basis, the AFR report said.
The report comes just days after ANZ revealed it was in talks with private equity firm KKR & Co KKR.N to buy software company MYOB Group, in a deal that local media pegged at over A$4.5 billion ($3.06 billion).
ANZ, the fourth-largest lender in Australia, may seek an equity raising of A$3.5 billion to buy Suncorp's banking operations and has put its plan to buy MYOB on hold, the Australian newspaper said on Sunday.
KKR did not immediately respond to a request for comment outside of normal business hours.
Last month, Suncorp, Australia's second-largest insurer by market value, said it was conducting a strategic review of its banking operations to focus on its top-revenue generating insurance business.
Suncorp's banking and wealth unit contributed 40% of the insurer's total profit in fiscal 2021, and had loans worth A$58.39 billion as at Dec. 31, 2021, mostly comprising home loans. ($1 = 1.4723 Australian dollars)
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Last
$20.20 |
Change
0.660(3.38%) |
Mkt cap ! $21.82B |
Open | High | Low | Value | Volume |
$19.67 | $20.21 | $19.52 | $41.32M | 2.083M |
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No. | Vol. | Price($) |
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22 | 4737 | $20.19 |
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Price($) | Vol. | No. |
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$20.20 | 1105 | 16 |
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No. | Vol. | Price($) |
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18 | 4784 | 20.160 |
30 | 4551 | 20.150 |
17 | 4245 | 20.140 |
15 | 3606 | 20.130 |
17 | 4753 | 20.120 |
Price($) | Vol. | No. |
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20.170 | 2209 | 13 |
20.180 | 6123 | 16 |
20.190 | 3565 | 10 |
20.200 | 7608 | 10 |
20.210 | 5607 | 9 |
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