Tim Johnston The New York Times Media Group
International Herald Tribune
05-14-2008
St. George agrees to bid from Westpac Deal gets mixed reviews from investors
Byline: Tim Johnston The New York Times Media Group
Edition: 4
Section: FINANCE/BUSINESS
SYDNEY --
Westpac Banking has agreed to take over its smaller rival St. George Bank, both banks said Tuesday, a deal that will create one of largest Australian banks.
But investors gave a mixed welcome to the bid, worth about 19 billion Australian dollars, or $17.9 billion, and the deal has a number of regulatory hurdles to clear before shareholders can have their say.
The proposed merger is the latest effort by banks around the globe to cut costs ...