(Adds details on delay, context, share movement)
Jan 15 (Reuters) - IOOF Holdings (IFL) said on Tuesday that its acquisition of Australia and New Zealand Banking Group's (ANZ) pensions and investments business (P&I) would likely be delayed to later in the year due to fresh regulatory hurdles.
The delay comes after the Australian Prudential Regulation Authority (APRA) imposed licence conditions on the company in December. The regulator had sought to disqualify five top IOOF executives on allegations of misconduct.
IOOF said in a statement that it had agreed to alter its deal with ANZ in order to accommodate the licence conditions.
The completion of the sale would be subject to consent from ANZ and the P&I Independent Trustee, IOOF added.
ANZ said the contract amendment allowed it to continue the work to separate its wealth businesses and gave the P&I Independent Trustee time to consider its consent to the acquisition.
IFL shares were about 1.7 percent stronger by 2347 GMT, in a largely flat broader market (xjo) .
News: IFL UPDATE 1-Australia's IOOF flags delay in ANZ pension business deal
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$3.12 |
Change
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Mkt cap ! $1.703B | |||
| Open | High | Low | Value | Volume |
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