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Australia's Westpac bids $17.6 billion for St George - 13, May 2008

SYDNEY (Reuters) - Westpac Banking Corp Ltd launched a $17.6 billion all-share bid for smaller rival St George Bank Ltd in a tie-up that would create Australia's biggest bank by market value.



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leftrail ######################## BEGIN: Section ######################## Australia's Westpac bids $17.6 billion for St GeorgeMon May 12, 2008 9:57pm EDT Email | Print | Share | Reprints | Single Page
SYDNEY (Reuters) - Westpac Banking Corp Ltd (WBC.AX) launched a $17.6 billion all-share bid for smaller rival St George Bank Ltd (SGB.AX) in a tie-up that would create Australia's biggest bank by market value.The St George board plans to recommend the A$18.6 billion offer, which represents a 28.5 percent premium to Friday's close, Westpac said."It's the type of premium that would have to be offered to be considered seriously," said White Funds Management portfolio manager Angus Gluskie.Shares in St George jumped more than 28 percent to A$34.20 after the announcement. Westpac eased 2.2 percent to A$25.39 in a slightly firmer overall market .The combined entity would have a market capitalization of around A$66 billion, overtaking Commonwealth Bank of Australia's (CBA.AX) A$61 billion.Westpac offered 1.31 of its own shares for every St George share, or A$33.10 a share based on St George's Friday close of A$26.65.Westpac said a takeover would be cash earnings per share accretive for St George shareholders from the first full year, and for Westpac shareholders within three years.Gail Kelly, Westpac's chief executive who joined the bank less than four months ago after heading up St George for nearly six years, did not give an estimate of potential cost savings. 





(c) 2008 Reuters
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