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Created Mon 12th May 2008 4:59pm PDT by jchiang
All questions » Business » Deals » 

Will Australian Federal Treasurer approve the proposed merger of Westpac and St George?

Settled as Yes

Merger was approved on 10/23/08

Federal Treasurer Wayne Swan has approved the merger of Westpac and St George banks.

Mr Swan says as part of the approval strict conditions will be imposed on the acquisition to "ensure the best possible outcome for both Westpac and St George customers and employees''.

http://business.theage.com.au/business/swan-approves-westpacst-george-merger-20081023-578z.html

Background:

http://business.smh.com.au/banks-agree-on-merger/20080513-2diw.html If this goes ahead the merged entity will become the largest banking corporation in Australia


Settlement details: As reported by a major mainstream news source.

 
Forecast history, %
   Zoom in

Settled

 Yes
70%
No
30%
Activity: H$9,890
Settled as Yes on Thu 23rd Oct 2008 4:05am PDT

Suspend date: Thu 14th Aug 2008 6:59am PDT Settlement date: Thu 23rd Oct 2008 4:05am PDTPrediction cut-off: Predictions on this question after Thu 14th Aug 2008 6:59am PDT have been voided because they were made after the question could be settled

Initial likelihoods: Yes: 60%

Action history:

Created Mon 12th May 2008 4:59pm PDT by jchiang
Suspended Thu 14th Aug 2008 6:59am PDT : Suspend date reached
Settlement requested Thu 23rd Oct 2008 2:15am PDT by oppugner: The Treasurer has approved the merger.
http://business.theage.com.au/business/swan-approves-westpacst-george-merger-20081023-578z.html
Settled as 'Yes' Thu 23rd Oct 2008 4:05am PDT by bayoubear[Admin]: Merger was approved on 10/23/08

Federal Treasurer Wayne Swan has approved the merger of Westpac and St George banks.

Mr Swan says as part of the approval strict conditions will be imposed on the acquisition to "ensure the best possible outcome for both Westpac and St George customers and employees''.

http://business.theage.com.au/business/swan-approves-westpacst-george-merger-20081023-578z.html

Suspend date: Thu 14th Aug 2008 6:59am PDT Settlement date: Thu 23rd Oct 2008 4:05am PDTPrediction cut-off: Predictions on this question after Thu 14th Aug 2008 6:59am PDT have been voided because they were made after the question could be settled
more info...

 

Predictions (20)

20 predictions

20 weeks ago
tomg[Admin] predicted Yes (H$50 at 70%)
21 weeks ago
oppugner predicted Yes (H$100 at 69%)
21 weeks ago
kiwifire predicted Yes (H$100 at 69%)
25 weeks ago
steveb predicted No (H$100 at 31%)
26 weeks ago
liverpoolthereds predicted Yes (H$50 at 69%)
more

Comments (9)

  1 jchiang
ACCC decides on August 20
http://www.theaustralian.news.com.au/story/0,25197,24065226-36418,00.html
posted 23 weeks ago
  2 bayoubear[Admin]
Will the ACCC decision settle the question, or do we still need an approval from the Australian Federal Treasurer to allow for settlement?
posted 22 weeks ago
  3 jchiang
My understanding (please correct me if i'm wrong) is that ACCC approves and Treasurer signs off on the approval, hence he still gets to say "Yes" or "No"
posted 21 weeks ago
  4 jchiang
Please note.. Treasurer still hasn't announced his decision..


http://www.treasurer.gov.au/DisplayDocs.aspx?doc=transcripts/2008/110.htm&pageID=004&
min=wms&Year=&DocType=
posted 20 weeks ago
  5 jchiang
Could this be reopened with new suspension date as the treasure has confirmed that he needs to make a decision but has not announced when.. One hopes before end of year

Thanks in advance..
posted 20 weeks ago
  6 bayoubear[Admin]
So has the ACCC approved this? Are we just waiting onthe treasurer to say yes or no?

Let me know and I'll consider reopening...
posted 20 weeks ago
  7 jchiang
Hi Bayoubear - yes ACCC has, please see link below
http://news.ninemsn.com.au/article.aspx?id=613896
posted 20 weeks ago
  8 bayoubear[Admin]
I don't believe that this market should be reopened...it seems that everything is progressing as it should and reopening the market as some of the requirements have already been met would only allow some to profit with a minimum risk...
From the original link <<Completion of the transaction is subject to a number of conditions.

The merger is subject to clearance by the Treasurer, Wayne Swan, the banking regulator APRA and the competition commission ACCC, all of whom will scrutinise the leading position that Westpac and St George will now assume.>>
http://business.smh.com.au/banks-agree-on-merger/20080513-2diw.html

This market may take a few more days, perhaps weeks to settle, but I don't believe we should reopen it. We should just wait for the Treasurer to make his decision...his approval, not that of the ACCC, is what the question was based on.
posted 20 weeks ago
  9 jchiang
Bloody Wayne Swan i wish he would hurry up with this one
posted 11 weeks ago

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score: 10
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