At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a gain. The benchmark index is currently up 0.45% to 6,636.3 points.
Here's what is happening on the ASX 200 today:
ANZ to acquire Suncorp Bank
The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price has been halted today. This follows the launch of a $3.5 billion capital raising to fund the acquisition of the banking operations of Suncorp Group Ltd (ASX: SUN) for $4.9 billion. ANZ believes the acquisition will accelerate the growth of its retail and commercial businesses while also improving the geographic balance of its business in Australia.
Suncorp shares jump
The Suncorp share price is racing higher today after the insurance giant agreed to sell its banking operations to ANZ. Investors appear pleased with management's plan to focus on its core insurance business. Management also revealed that it expects to return the majority of the proceeds from the sale to shareholders. It hasn't advised how it would return the funds, but it would most likely be via a special dividend and/or share buyback.
Whitehaven Coal rises on quarterly update
The Whitehaven Coal Ltd (ASX: WHC) share price is rising on Monday after the market responded positively to the coal miner's quarterly update. During the quarter, the company achieved a record average coal price of A$514 per tonne. This took its average coal price to A$325 per tonne for FY 2022. In light of the latter, Whitehaven expects to report FY 2022 EBITDA of approximately $3.0 billion. This is up materially from $0.2 billion in FY 2021.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Suncorp share price with a 6% gain. Investors appear pleased with the company's decision to sell its banking operations. Going the other way, the worst performer has been the Megaport Ltd (ASX: MP1) share price with a 3% decline on no news.
