New name for Challenger as merger approved
Financial services groupChallenger Internationaland Kerry Packer’sCPH Investment Corphave officially combined in a $1.1 billion merger.
The directors of Challenger have announced that a copy of the order made by the Federal Court of Australia approving the order has been lodged with theAustralian Securities and Investments Commission.
From today the merged entity will be known as Challenger Financial Services Group (CFG).
Challenger International ceased trading at the close of business yesterday, while CFG units commenced trading today on a deferred settlement basis, to commence normal trading from 16 July.
The business are to be split into pure life and non-life divisions after the merger is finalised.
The life division will be a result of the two existing life businesses being joined together, while the non-life business will include the combined group’s funds management, financial planning, and margin lending operations as well as the Synergy master trust operations.
Challenger chairman Gil Hoskins, at a recent meeting of shareholders to vote on the merger, said that the combined group could become a significant diversified financial services group with a market capitalisation of a top 100 ASX listed entity.
He said the merger represents the marriage of a business and capital, and will produce a strong group well equipped to grow into the future with access to capital.
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