SYDNEY -(Dow Jones)- Australia's Westpac Banking Corp. (NYSE:WBK) (WBK) said Thursday that its timetable for its proposed A$15 billion-plus takeover of St. George Bank Ltd. (Australia:SGB) (SGB.AU) is "on track" and the bank is confident of success.
In presentation material for an investor conference, Westpac Chief Executive Gail Kelly said the Australian Competition and Consumer Commission is expected to give its view on the proposed deal by July 30, and the group is confident of satisfying regulatory authorities.
Last month, Westpac announced plans for a 1.31-for-1 share offer for its smaller rival.
She said the bank believes there has been "solid market endorsement" for the deal, noting that the bank's share price has traded in line with the sector since the proposal was unveiled in May. She also noted that the St. George share price is trading closer to the exchange ratio.
Westpac said the merger is expected to be completed within six months.
-By Lyndal McFarland, Dow Jones Newswires; 61-2-8235-2957; lyndal.mcfarland@ dowjones.com
(END) Dow Jones Newswires 06-25-08 2011 Copyright (c) 2008 Dow Jones & Company, Inc.
