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ANZ $25.45 & Suncorp (SUN) $14.13

ANZ +0.75% & SUN +0.64%%: the ACCC finally released their determination on ANZ’s attempt to acquire Suncorp’s banking arm, a $4.9b deal that was announced more than 12 months ago now. The Competition regulator has denied the application on fears that the deal would lead to lower competition in the space leaving customers worse off with less innovation and lower quality service. ANZ argues that a joint effort would improve outcomes for customers of Suncorp and the broader banking space with the small increase in market share (Suncorp has around 2.4% of the Aussie mortgage market vs ANZ ~13%) would allow the company to invest more in its systems while scale improvements would also result in better pricing. From here, ANZ will likely look to appeal the decision to a tribunal that historically has been more favourable on deals like this.

MM remains long and bullish ANZ
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