IOOF/SFG Australia merger scheme approved

Following the approval by SFG Australia shareholders last week, the Federal Court has now given effect to the merger with IOOF and the transaction will be implemented on 20 August. This is entirely as expected, but is nonetheless good news as gives IOOF management the opportunity to continue its great record of consolidating financial services businesses – as we explained when we upgraded the stock in Taking the wraps off IOOF on 23 Jun 14 (Buy – $8.28). No doubt we'll hear more about it when the company announces its 2014 results on 22 August. The stock up 6%...

Following the approval by SFG Australia shareholders last week, the Federal Court has now given effect to the merger with IOOF and the transaction will be implemented on 20 August.

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