ANZ, the Australian and New Zealand Banking Group, has received the final bids for its wealth division. The company may have been in for a surprise, according to media reports.
Analysts expected Swiss insurance giant Zurich and U.S.-based MetLife to tender bids for ANZ's wealth division. MetLife however may have refrained from entering the auction, according to a report by «The Australian Financial Review» (behind paywall). Should this turn out to be true, Zurich may be left as the sole contender.
Negotiations between MetLife and ANZ Banking Group on the sale of the latter's wealth operations are said to have broken down, according to the report. Morgan Stanley advised MetLife on its offer, while Credit Suisse was Zurich's adviser.
Three Became One
ANZ is thought to have received at least one offer for the wealth unit, which includes life insurance, fund management and financial planning, a bid said to have been in excess of $4 billion.
In July, the group of potential buyers included AIA, Zurich and MetLife, but AIA dropped out of the bidding to focus on acquiring the Commonwealth Bank of Australia's CommInsure business. AIA was successful in its quest to buy CommInsure, picking it up for $3.8 billion earlier this week.
