Australia's Macquarie Group on trading halt amid acquisition rumours

Macquarie Group's shares were placed on a trading halt on Thursday amid market rumours Australia's top investment bank will buy ANZ Banking Group's vehicle finance unit in a deal worth A$1.5 billion (S$1.52 billion).

PHOTO: BLOOMBERG

OCT 8, 20157:35 AM

SYDNEY] Macquarie Group's shares were placed on a trading halt on Thursday amid market rumours Australia's top investment bank will buy ANZ Banking Group's vehicle finance unit in a deal worth A$1.5 billion (S$1.52 billion).

Macquarie told the stock exchange on Thursday it expects to make an announcement on "a proposed transaction" before the market opens on Monday.

Last month, Australia's competition watchdog approved Macquarie's proposed bid for Esanda, saying the possible acquisition was unlikely to substantially lessen competition in the car finance market.

Deutsche Bank is advising ANZ on the sale, which will help Australia's No. 4 lender by assets cut its capital requirements in line with tough new rules.

REUTERS