ANZ Bank To Raise Up To A$2.85 Billion, Eyes RBS's Asian Assets
May 26 2009 - 7:26PM
Dow Jones News
Australia and New Zealand Banking Group Ltd. (ANZ.AU) said
Wednesday it will raise up to A$2.85 billion through share
placements to provide a cushion against slowing economic conditions
and help it fund the potential acquisition of some of Royal Bank of
Scotland's Asian assets.
In a statement, ANZ said it has launched a fully underwritten
instituitinal share placement to raise A$2.5 billion, at A$14.40 a
share - a 7.5% discount to its last traded price of A$15.57. It
will also raise up to A$350 million through an offer to retail
investors through a share purchase plan.
The company said the raising would help it fund the acquisition
of "selected" assets of Royal Bank of Scotland in Asia, if its
offer is chosen.
-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093;
lyndal.mcfarland@dowjones.com
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