Westpac/St George merger deal sweetened
St George shareholders will emerge better off from the banking group’s proposed merger with Westpac, following a revised agreement between the parties that will see them receiving an improved final dividend.
The two banking groups informed the Australian Securities Exchange today that they had agreed a revised merger proposal involving a higher dividend for St George shareholders and a package of measures to increase the certainty of completion of the transaction and accelerate merger benefits.
St George shareholders will receive a final dividend and a special dividend totalling up to $1.25 per St George share, an increase of 28 cents per St George share.
The enhanced arrangement has won the endorsement of the St George Board with chairman John Curtis claiming it represented a very positive outcome for the group’s shareholders.
The scheme book underlying the merger proposal will now be lodged with the Australian Securities and Investments Commission and is expected to be released to the market on September 30 before dispatched to St George shareholders in mid-October.
The scheme meeting is scheduled to be held on November 13.
AUTHOR
Mike Taylor
Recommended for you
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
South Australian financial advice and accounting business Perks has extended its paid parental leave program from 12 to 26 weeks, putting it on par with big four firms.
Mason Stevens has tapped Investment Trends’ head of growth, alongside two other hires, to bolster its distribution team.
