anz-secures-deal-with-amcorpgroup-in-malaysia

ANZ secures deal with AmcorpGroup in Malaysia

The Aussie bank reaches a $360 million agreement to buy 11.4% of AmcorpÆs shares in AMMB, taking its stake to 24.9%.

By Cherie Marriott

November 30, 2006

Less than a week after announcing plans to buy a strategic stake in MalaysiaÆs AMMB, ANZ Bank has secured the extra 11.4% of shares that it had targeted in a deal with AMMB shareholder AmcorpGroup. Amcorp will sell 300 million shares to ANZ for M$4.30 per share for a total of M$1.3 billion $360 million.

On Friday last week November 24, ANZ announced that it would buy a 13.5% stake in MalaysiaÆs fifth largest bank provided it was able to increase this stake via a deal with Amcorp. That deal was reached late on Thursday November 30 with the signing of a heads of agreement.

Securing the shares from Amcorp takes...

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