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Suncorp has shelved plans to auction off its banking and wealth management operations after receiving only one bid from ANZ, The Australian Financial Review reported today.
According to the daily, ANZ’s offer, by scheme of arrangement, was well below broker valuations.
Suncorp officially invited expressions of interest in its banking and wealth management operations last Monday, after it announced that it had received several approaches from interested parties.
But with only one bid received by the Friday cut-off and nothing on the table from CBA, Suncorp is off the market, for now.
According to The Australian Financial Review, Suncorp may feel it’s in a stronger position to go it alone in the wake of the government’s decision to guarantee wholesale term funding for three years, however this may also be used to push ANZ to up its offer.
Published: 13-10-08
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