Owners of Suncorp Group Ltd (ASX: SUN) shares will likely know all too well about the company's $4.9 billion deal to sell its banking business to Australia and New Zealand Banking Group Ltd (ASX: ANZ).
Sadly, it will probably be a while until investors get a taste of the proceeds. But the good news is, they're expected to be to the tune of around $3.21 per share.
The Suncorp share price closed Thursday's session at $10.22.
That's 8% lower than the stock was trading prior to the sale's announcement. Comparatively, the S&P/ASX 200 Index (ASX: XJO) has lifted 0.5% in that time.
Let's take a closer look at the road ahead for ANZ's planned merger with Suncorp Bank.
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Own Suncorp shares? Here's the latest on its bank's sale
The Suncorp share price leapt 6% on 18 July when ANZ's $4.9 billion plan to acquire Suncorp Bank was announced.
That sum will be handed to Suncorp in cash, with the ASX 200 financial services conglomerate hoping to reap $4.1 billion of proceeds.
That equals around $3.21 per share, with the then-insurance goliath planning to hand most of the profits to shareholders.
But the sale isn't expected to be completed for some time yet. The pair are expecting to complete the deal in the final half of 2023.
And it will have to push through plenty of red tape before then.
Not only does it need the approval of the treasurer and the Australian Competition and Consumer Commission (ACCC), but the merger also requires a change to Queensland's State Financial Institutions and Metway Merger Act 1996.
Fortunately, owners of Suncorp shares likely won't wait long for the next instalment of news regarding the sale.
ANZ is reportedly working to submit a draft application to the competition watchdog shortly, with a formal submission expected next month.
Scrutiny of the acquisition might be lessened due to the regulator's assessment of Commonwealth Bank of Australia (ASX: CBA)'s 2008 acquisition of BankWest, The Australian reports.
That merger was given the green flag despite substantially bolstering CBA's footprint in Western Australia.
Federal treasurer Jim Chalmers is waiting to hear advice from the watchdog before making a decision.
