ANZ shares tumble despite Suncorp Bank takeover approval

The Australian Competition Tribunal has finally given the deal the thumbs up.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

ANZ Group Holdings Ltd (ASX: ANZ) shares are falling on Tuesday.

In morning trade, the banking giant's shares are down 2% to $27.96.

As a comparison, the rest of the big four banks are pushing higher in early trade.

A surprised man sits at his desk in his study staring at his computer screen with his hands up.

Image source: Getty Images

Why are ANZ shares falling?

Investors have been selling the bank's shares today after the Australian Competition Tribunal approved its acquisition of the banking operations of Suncorp Group Ltd (ASX: SUN).

As a reminder, ANZ agreed a deal with Suncorp to buy its banking business for $4.9 billion. It was blocked on competition fears by the ACCC, but this decision has now been overturned, paving the way for the deal to complete.

Though, judging by its share price performance today, it seems that not everyone is keen on the deal.

'Significant milestone'

ANZ was pleased with the news and has released a brief response to the approval this morning.

The bank's Chief Executive Officer, Shayne Elliott, described the approval as a significant milestone. Though, he also points out that there's still work to be done before completion. Elliott said:

This is a significant milestone and an important step forward in the process, however we still have further conditions to meet. We remain committed to completing the acquisition as soon as possible once all sale conditions are met.

Elliott also reminded shareholders why the bank is so keen to make the acquisition. He adds:

Suncorp Bank is a high-quality business with a strong team and excellent customer base, and we look forward to bringing them access to the best of ANZ, including our platforms and technology. We strongly believe that the acquisition presents significant opportunities for ANZ, Suncorp Bank and our customers, as well as major public benefits including for Queensland.

Completion of the acquisition remains subject to legislative amendments by the Queensland Parliament and approval by the Federal Treasurer.

Suncorp shares are up almost 6% in morning trade.

Motley Fool contributor James Mickleboro 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.

More on Bank Shares

A young woman wearing a red and white striped t-shirt puts her hand to her chin and looks sideways as she wonders whether to buy ASX shares
Bank Shares

Are ASX 200 bank shares a buy in June?

One of these ASX 200 bank shares is rated as a buy!

Read more »

A businesswoman exhales a deep sigh after receiving bad news, and gets on with it.
Bank Shares

Why did CBA shares sink 5% in May?

It was a tough month for Australia's largest bank.

Read more »

Woman relaxing at home on a chair with hands behind back and feet in the air.
Dividend Investing

Should I buy CBA shares for their 'reliable' passive income?

CBA shares have outpaced the ASX 200 in 2026 and paid a fully-franked dividend.

Read more »

Woman in business suit holds both hands out with a question mark above each hand.
Bank Shares

What happened to Westpac shares in May?

Westpac shares went ex-dividend, faced a court ruling, and fell 6.5% in May. Here's the full story for Westpac investors.

Read more »

A man in a suit smiles at the yellow piggy bank he holds in his hand.
Bank Shares

Why the negative gearing changes could impact CBA shares more than anyone realises

CBA holds the largest investor mortgage book in the country. Here's why that matters more than investors might think.

Read more »

View of a business man's hand passing a $100 note to another with a bank in the background.
Bank Shares

If I invest $8,000 in ANZ shares, how much passive income will I receive in 2027?

How much dividend cash can investors bank on next year?

Read more »

A woman wearing the black and yellow corporate colours of a leading bank gazes out the window in thought as she holds a tablet in her hands.
Bank Shares

CBA shares vs Macquarie shares: Which ASX financial stock would I buy?

Two ASX financial shares, two very different investment cases. Here’s which one I would choose for the long term.

Read more »

Model house with coins and a piggy bank.
Bank Shares

How many Westpac shares do I need to buy for $10,000 of passive income?

Westpac investors could receive plenty of dividend income.

Read more »