SUNPH News: Market reaction to approval for ANZ's buyout of Suncorp bank unit - 20th Feb 2024, 11:23am

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SYDNEY (Reuters) - Australia's Competition Tribunal approved ANZ Group's A$4.9 billion ($3.2 billion) buyout of Suncorp's banking business on Tuesday, allowing the bank to press ahead the acquisition.

The takeover still requires approval by Australian Treasurer Jim Chalmers and a sign-off from the government of Queensland, where Suncorp is based.

Here is some reaction from financial markets:

AZIB KHAN, BANKING ANALYST AT E&P FINANCIAL:

"We expect completion of the acquisition to weigh on ANZ...

>>> Read more: Market reaction to approval for ANZ's buyout of Suncorp bank unit
 
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