The $2.2 billion merger proposal to create a New Zealand-controlled listed banking and financial services group moved another step forward when final court orders were granted today.
The merger between Marac, CBS Canterbury and Southern Cross Building Society will create a financial services entity that backers plan to turn into a ‘Heartland Bank’.
The court orders pave the way for the merger to be implemented in early January.
Shares in the merged group holding company, Building Society Holdings Limited (BSHL), will be issued to shareholders of CBS Canterbury (13.04%) and Southern Cross Building Society (14.75%) on January 7.
Most of the shares in BSHL (72.21%) are held by Marac owner Pyne Gould Corporation, which is separately listed on the NZSX.
Listing on the NZX of BSHL is expected to take place on January 31 next year.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Parent, widow of Pike River casualties fail to force review of decision to drop charges against Whittall
- Joyce associates openly talking about leadership change
- iPredict decision the work of 'officious aliens' – Crampton
- Scentre Group to sell three Westfield malls to NZ firms for $549m
- Editor’s Insight: New complex caps strong year for cinemas
Most listened to
- Tim Hunter on why Veritas is doing it the hard way
- Matthew Hooton on whether Steven Joyce will be the next national leader
- Rodney Hide on why all city planners should be fired
- Nevil Gibson discusses his latest Editor's Insight on films
- The NBR crew throw around some of the week's top stories
- Rob Hosking breaks down the political and economic week that was
- "A tragedy" - David Farrar on his disappointment with Simon Bridges
- New F&P product pipeline exciting, says Macquarie senior investment adviser Brad Gordon
- Taupo Motorsport Park executive director Tony Walker on the park's rebranding
- NZIER senior economist Christina Leung on why she does not think the OCR will hit 2%
- NBR's Cameron Officer talks about the NBR Car of the Year 2015
- John Barnett on Brewer: ‘Boy, has he got a bit to learn’