Australia's Bendigo to buy Victoria state rural finance arm for $1.65bln
SYDNEY May 5 (Reuters) - Australian regional bank Bendigo and Adelaide Bank Ltd said on Monday it plans to buy state-owned Rural Finance Corporation of Victoria for A$1.78 billion ($1.65 billion), a move it said would quadruple the size of its rural loan book.
Bendigo, based in Victoria, Australia's second most populous state, said it will undertake a A$230 million share placement to institutional investors, as well as sell new shares in a separate public offer to finance the acquisition.
($1 = 1.0795 Australian Dollars) (Reporting By Byron Kaye; Editing by Kenneth Maxwell)
- U.S. air strikes on Syria would face formidable obstacles
- Samsung unveils smartwatch that can make calls
- Russian-backed separatists enter southeast Ukraine town
- FBI, Secret Service investigate reports of cyber attacks on U.S. banks
- Breakthrough hopes dented as Ukraine accuses Russia of new incursion |