Article from: August 16, 2008 04:12am SUNCORP shares shot up nearly 8 per cent yesterday on speculation about a takeover bid for the company. The rise came as the broader market closed flat with gains in the banking sector offset by falls in mining and energy stocks.
The benchmark S&P/ASX 200 Index added 0.6 of a point to 4981.7, while the broader All Ordinaries Index lost 0.1 of a point to 5038.9.
Suncorp rose 91 to $12.44, spurred on by a media report suggesting insurance giant QBE and Commonwealth Bank could team up to snare Queensland's biggest listed company and carve up its various assets.
Under the scenario, QBE would cherry-pick the GIO and AAMI insurance arms, while Commonwealth would swallow the banking side.
None of the companies would comment yesterday. "
SUN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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