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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Australia and New Zealand Banking Group Limited    ANZ   AU000000ANZ3

AUSTRALIA AND NEW ZEALAND BANKING GROUP

(ANZ)
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Australia and New Zealand Banking : ANZ to Fetch A$125 Million Less for Pensions and Investments Business

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10/16/2019 | 05:26pm EST

By Robb M. Stewart

MELBOURNE, Australia--Australia & New Zealand Banking Group Ltd. (ANZ.AU) will push ahead with a deal to sell its pension and investments business to IOOF Holdings, but has agreed to a lower price for the assets.

IOOF in a statement Thursday said the two companies had agreed to a purchase price of 825 million Australian dollars (US$558 million) for ANZ P&I, down from the A$950 million price tag that the pair had agreed two years ago and still subject to a completion adjustment for the net assets. The price excludes A$25 million that ANZ has already received a year ago for its aligned-dealers groups business.

IOOF also said the date after which either company could terminate the acquisition of ANZ P&I if there remain any outstanding conditions has been pushed back to the end of December from Oct. 17 previously.

If concluded, the acquisition of the assets will increase the scale and footprint of IOOF's core business. For ANZ, the exit is part of a strategy of simplifying its operations to focus on retail and business banking in Australia and New Zealand.

The agreement between ANZ and IOOF has yet to be approved by the country's prudential regulator.

Write to Robb M. Stewart at robb.stewart@wsj.com

Corrections & Amplifications

This article was corrected at 0115 GMT to reflect that the previous A$950 million price tag for ANZ's pension-and-investment business excluded A$25 million that it received a year ago. The original version of this article misstated that the A$25 million was included in the original price.

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 2.02% 24.71 End-of-day quote.-0.98%
IOOF HOLDINGS LTD 2.45% 7.95 End-of-day quote.50.10%
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Financials (AUD)
Sales 2020 18 547 M
EBIT 2020 9 622 M
Net income 2020 6 113 M
Debt 2020 -
Yield 2020 6,35%
P/E ratio 2020 11,6x
P/E ratio 2021 11,2x
Capi. / Sales2020 3,78x
Capi. / Sales2021 3,73x
Capitalization 70 043 M
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Mean consensus HOLD
Number of Analysts 14
Average target price 26,54  AUD
Last Close Price 24,71  AUD
Spread / Highest target 19,4%
Spread / Average Target 7,42%
Spread / Lowest Target -4,49%
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Managers
NameTitle
Shayne Cary Elliott Chief Executive Officer & Executive Director
David M. Gonski Chairman
Michelle Jablko Chief Financial Officer
Gerard Florian Group Executive-Technology
Paula Jane Dwyer Independent Non-Executive Director