M&A

The regulator said it wasn’t satisfied the deal would not substantially lessen competition in Australian banking, particularly in home loans and small-business banking. ANZ and Suncorp plan to challenge the decision.

Demand for minerals needed for decarbonisation and the lower Australian dollar are driving increased M&A activity in Australia, and analysts say the trend is likely to pick up, with the availability of well-valued stocks adding appeal for would-be buyers.

The NSW Supreme Court on Thursday ruled Perpetual would be on the hook for more than just a $23 million break fee should it abandon its bid to takeover rival fund manager Pendal Group, likely scuttling recent advances by a Regal Partners-led consortium for Perpetual itself.

The hunger for sustainable investing continues apace with Perennial winning a $100 million mandate from Mercer Investments for its Better Future small- and mid-cap strategy.

Australia and New Zealand Banking Group will become the third largest domestic home lender after acquiring the banking division of competitor Suncorp Group Ltd for $4.9 billion.