May 15, 2014 / 11:47 PM / 3 years ago

Australian financial group IOOF buys smaller rival SGF

SYDNEY, May 16 (Reuters) - Australian financial services company IOOF Holdings Ltd on Friday said it plans to buy smaller rival SFG Australia Ltd for about A$670 million ($626.42 million).

IOOF will pay the equivalent of A$0.90 for each SFG share via stock-swap arrangement, a 29 percent premium to SFG’s closing price on Thursday, the companies said in a joint statement on Friday.

The statement said the SFG board unanimously recommended the deal to shareholders. ($1 = 1.0696 Australian Dollars) (Reporting by Byron Kaye; Editing by Stephen Coates)

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