Spotlight remains on banks
Banking stocks had the Australian sharemarket alight again yesterday, ahead of the A.N.Z.’s confirmation just minutes before the close that it had made a $467M offer for the C,B.A. bank. The A.N.Z.’s offer of five of its own shares plus 400 c cash
for every four C.B.A. units values each C.B.A. share at 694 c, compard with yesterday’s close of $5.50 and Friday’s finish of 460 c. The A.N.Z. eased 5c to 475 c. The Melbourne-based bank’s offer comes hot on the
heels of the National Bank's two-for-one share swap bid for Sydney’s C.B.C. bank, announced after trading on Friday.
The C.B.C. rose 110 c at 570 c yesterday and the National slipped 22c to 340 c in response to the proposed expansion of its capital by 73 per cent. The fall in the National’s shareprice gives its offer for the C.B.C. a value' of about $367.5M compared with about $391.4M on Friday’s closing prices. The Bank of N.S.W., also rumoured to be interested in the C.8.A., eased 5c to 350 c
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Press, 12 May 1981, Page 18
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176Spotlight remains on banks Press, 12 May 1981, Page 18
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