How will ANZ shares react to a big week of ASX news?

ANZ shares got some good news today, but might get even better news tomorrow.

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It's shaping up to be a week jam-packed with big ASX news for the ANZ Group Holdings Ltd (ASX: ANZ) share price. Well, the big news for this ASX 200 big four bank has already started this Monday.

Last week, ANZ shares closed at $28.42 each but just after lunchtime today, the bank overcame a shaky start to clock a brand-new 52-week high. Yep, ANZ shares rose as high as $28.52, the new high watermark for the bank. It's also the highest ANZ shares have traded since late 2021.

But this could just be the start of a very big week indeed for this bank stock.

ANZ currently has one of the largest financial mergers in recent ASX history in limbo. Way back in 2022, ANZ announced that it wished to acquire the banking arm of Suncorp Group Ltd (ASX: SUN) for a tidy sum of $4.9 billion.

However, this would-be marriage hit some snags before it could even be consummated. In August last year, the Australian Competition and Consumer Commission (ACCC) announced that it would block the merger on competition grounds. Here's what the ACCC said at the time:

The proposed acquisition of Suncorp Bank by ANZ would further entrench an oligopoly market structure that is concentrated, with the four major banks dominating. It also limits the options for second-tier banks to combine and strengthen in a way that would create a greater competitive threat to the major banks.

However, ANZ and Suncorp didn't take this news lying down. ANZ subsequently applied for an appeal of the ACCC's original ruling to the Australian Competition Tribunal. The results of this appeal are due to be handed down tomorrow.

A big week of ASX news for ANZ shares

Given the initially positive reaction from ANZ shares to the Suncorp merger, as well as the negative reaction when the ACCC pumped the brakes, we can probably assume with some confidence that a successful appeal will bode well for the ANZ share price tomorrow. Conversely, a denied appeal could have the opposite effect.

Saying that, we recently covered one ASX expert's views on what they think is likely to happen. Last month, my Fool colleague Bronwn looked at what analysts at ASX broker Citi are predicting. Citi put out a note that argued Suncorp's banking sale is "more likely to occur than not".

But of course, we'll only know for sure when we get the response from the Tribunal tomorrow. So keep an eye on what happens with the ANZ share price then.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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