Original article by Andrew White
The Australian – Page: 21 : 18-Oct-19
Shares in wealth manager IOOF Holdings rallied on 17 October after it moved a step closer to completing a deal to acquire the ANZ Bank’s OnePath pensions and investments division. IOOF has advised that it will pay just $850m for the business if it gains regulatory approval by 30 June. This represents a 13 per cent discount to the previously agreed purchase price. Meanwhile, the Australian Prudential Regulation Authority has indicated that it will not appeal a recent Federal Court decision that cleared five IOOF executives and directors of misconduct.
IOOF HOLDINGS LIMITED – ASX IFL, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ONEPATH AUSTRALIA LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, FEDERAL COURT OF AUSTRALIA