The Loop: ANZ takes over Suncorp, Rugby Australia issues a lifetime ban, and England braces for its hottest day yet
Hi, over there. It’s Monday, July 18th and you’re reading The Loop, today’s news summary. Brisbane-based banking and insurance company Suncorp has accepted ANZ’s $4.9 billion offer to take over its banking operations — but the deal will take at least 12 months before the deal is finalized, and has several hurdles to work through in the meantime. ANZ is now tasked with raising an additional $3.5 billion in funds to pay for the deal, and will need approval from the Australian Competition and Consumer Commission (ACCC) and Federal Treasurer Jim Chalmers. Queensland State Financial Institutions and the Metway Incorporation laws also need to be amended for the takeover to proceed. Provided the deal gets the green light, it would make ANZ Australia’s third-largest bank for home loans, according to analysis from RateCity (using APRA data). The next step is for ANZ to submit a merger authorization application to the ACCC, which is expected to be received by the regulatory body next month. The