St George and Westpac sign merger implementation agreement
St George Bank and Westpac Banking Corporation have signed a merger implementation agreement (MIA).
In a media release, St George and Westpac said the agreement reflects the commercial terms that have been agreed to by both boards and will be put to a vote of St George shareholders.
Under the agreement, St George shareholders will receive 1.31 Westpac shares for each St George share and the final entity will retain the St George, BankSA and Asgard brands, with no net reduction in ATM or retail network.
“The merger of Westpac and St George will ultimately deliver improved customer service with strong brand support, enhanced returns for shareholders and a strong commitment to community initiatives,” Westpac chairman Ted Evans said.
St George chairman John Curtis said the St George board intends to recommend to its shareholders that they accept the Westpac share offer.
“The recommendation is subject to an independent expert’s report concluding that it is in the best interests of our shareholders,” he said.
St George shareholders should receive a scheme booklet, containing full details of the proposal, in early October of this year.
The St George/Westpac announcement said the two companies combined would have 10 million customers and an AA-credit rating.
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