SUNCORP & PROMINA MUST ENSURE THEIR COMMON PRODUCTS DON’T SUFFER
A
pparently Suncorp CEO, John Mulcahy, & Promina Chairman, John Story, share something more than just their first names – a common vision for a better future! It was this common vision that led to the merger of the two Australian financial heavyweights – Suncorp-Metway Limited (Suncorp) & Promina Group Limited (Promina), which was on October 23, 2006. The deal, valued at $6 billion, entails a complete buyout of Promina’s ordinary shares by Suncorp – valuing each Promina share at $5.88. And thus emerges the second largest general insurance body and sixth-largest banking firm in Australia and New Zealand with combined assets of $48.42 billion and an M-cap of $20 billion. Australian financial institutions are seeking such amalgamations to achiev scale.
For Complete IIPM - Article, Click on IIPM-Editorial Link
Source:- IIPM-Business and Economy, Initiative:- Prof. Arindam Chaudhuri - 2006
A
pparently Suncorp CEO, John Mulcahy, & Promina Chairman, John Story, share something more than just their first names – a common vision for a better future! It was this common vision that led to the merger of the two Australian financial heavyweights – Suncorp-Metway Limited (Suncorp) & Promina Group Limited (Promina), which was on October 23, 2006. The deal, valued at $6 billion, entails a complete buyout of Promina’s ordinary shares by Suncorp – valuing each Promina share at $5.88. And thus emerges the second largest general insurance body and sixth-largest banking firm in Australia and New Zealand with combined assets of $48.42 billion and an M-cap of $20 billion. Australian financial institutions are seeking such amalgamations to achiev scale.For Complete IIPM - Article, Click on IIPM-Editorial Link
Source:- IIPM-Business and Economy, Initiative:- Prof. Arindam Chaudhuri - 2006
No comments:
Post a Comment