Australian financial services providers agree merger deal
Financial services provider Suncorp has cemented an agreement to purchase all of the shares of insurer Promina in a deal worth A$7.9 billion.
<p>According to reports, Suncorp is to offer Promina shareholders, who are still to formally agree to the proposal, 0.2618 Suncorp shares plus $1.80 in cash for each Promina share. The deal equates to a valuation of each Promina share of A$7.65.<br /><br />The transaction will provide enormous benefits, particularly for customers of both companies who will have access to an even greater range of products and services specific to their individual needs, delivered through a range of brands that are well known and respected in their individual markets, Suncorp chairman John Story commented, according to The Australian news outlet.<br /><br />Promina's board has given its blessing to the proposed merger deal, but the combination of the two businesses will ultimately depend on receiving approval from the insurer's shareholders when they meet in February next year.</p>
Related Insight
Suppliers Directory
Wealth & Assets Management Asset Management Hedge Funds Private Equity Mutual Funds
Intermediaries Prime Brokerages Custody & Clearing ECN & Exchanges
Technology Banking Technology Security Tech Outsourcing & BPO
Policies & Regulatory Compliance Risk Management
Intelligence
Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125
Comments may be moderated for spam, obscenities or defamation.