Anz (ASX:Anz) shares entered a trading halt this morning before the big bank announced it has entered into an agreement to acquire Suncorp Bank from Suncorp Group Limited for $4.9bn to accelerate the growth of Anz?s retail and commercial businesses while also improving the geographic balance of its business in Australia.
In order to fund the acquisition, Anz has announced a $3.5bn equity raise through a fully underwritten 1 for 15 pro rata accelerated renounceable entitlement offer.
Anz also announced today that it has withdrawn from discussions with Kohlberg Kravis Roberts & Co. about the potential acquisition of accounting and business software giant MYOB.