Banks to merge
NZPA Sydney The Bank of New South Wales, Ltd, and the Commercial Bank of Australia, Ltd, have agreed to merge, the directors announced. The merger, worth $7OO million, is the biggest In Australian corporate history. Under the proposed merger the Bank of
N.S.W. will , offer -two shares plus 150c.cash . for each C.B.A. unit;' C.B.A. preference, shareholders will receive $2O in cash for each share ex- ’ dividend. - ; The C.B.A..has 83.7 million ordinary shares, on issue, counting the? one-for-four issue effective today, and 211,700 preferenceshares. ' ■ '■■■• .
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Press, 15 May 1981, Page 1
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86Banks to merge Press, 15 May 1981, Page 1
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