ABC Money
Home

Australia's Westpac sees BT Investment Management listing in December UPDATE


Published : Tue, 30 Oct 2007 14:02
By : Agencies
Print this Story

AddThis Social Bookmark Button

(Updates to recast, add further detail)

LONDON (Thomson Financial) - Westpac Banking Corp, Australia's fourth largest bank, said it expects to list its funds management arm BT Investment Management Ltd in December, with the IPO expected to raise 247-292 mln aud.

The bank placed the indicative market capitalisation of BTIM at 768-880 mln aud, but said the final price of shares will be determined by an institutional bookbuilding process.

Westpac, which will retain a 60 pct stake in BTIM, said it expects shares to commence trading on the Australian Stock Exchange on Dec 18, 2007.

BTIM is the eighth-largest funds management business in Australia, with about 42 bln aud under management.

The funds management arm currently represents around 10 pct of BT Financial Group earnings and less than 1 pct of Westpac's overall earnings.

TFN.newsdesk@thomson.com

ukn/rw/vlb/vlb

COPYRIGHT

Copyright Thomson Financial News Limited 2007. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

Share on


 You Might Like
Australia's Westpac says BTIM launches IPO proceedings; sees listing in December
CORRECTION Australia's Westpac sees BTIM listing in December
+
OUTLOOK - Australia's Westpac to report 12 pct increase in FY net cash profit

Comment on this Article
Comment:
Title:
Name:
Please Enter
 
Here
  

 Search News

 Look For
Business
Credit cards
Finance
Loans
Money
Mortgages

 
 Stock Quotes *
SYMBOL
LAST
CHANGE
DOW JONES
8769.70
-245.40 ( -2.73 %)
NASDAQ
1599.06
-53.32 ( -3.29 %)
FTSE 100
4463.38
-44.13 ( -0.98 %)

SYMBOL ( 2009-01-08 )
LAST
CHANGE
RECKITT BENCKISER ( 7:12am )
2724.00
+44.00 ( 1.64 %)
BRITISH AMERICAN TOBACCO ( 7:11am )
1783.00
+29.00 ( 1.67 %)
IMPERIAL TOBACCO ( 7:12am )
1842.00
+22.00 ( 1.21 %)
SCOTTISH & SOUTHERN ENERGY ( 7:12am )
1181.00
+22.00 ( 1.92 %)
NORTHERN ROCK ( 11:35am )
182.00
+19.04 ( 11.20 %)

SYMBOL ( 2009-01-07 )
LAST
CHANGE
VERIZON COMMUNICATIONS INC ( 4:00pm )
31.90
+0.40 ( 1.26 %)
COCA COLA CO ( 4:00pm )
44.93
+0.22 ( 0.50 %)
GENERAL MOTORS ( 4:00pm )
4.13
+0.19 ( 4.74 %)
ALTRIA GROUP INC ( 4:02pm )
15.09
-0.06 ( -0.40 %)
AMERICAN INTERNATIONAL GROUP INC ( 4:04pm )
1.64
-0.10 ( -5.81 %)

SYMBOL ( 2009-01-07 )
LAST
CHANGE
MITSUI & CO LTD ( 3:59pm )
220.00
+10.00 ( 4.83 %)
COMM BANCORP INC ( 9:30am )
39.48
+4.47 ( 11.32 %)
CRUCELL NV ADS ( 3:47pm )
20.50
+4.43 ( 27.95 %)
ISRAMCO INC ( 1:42pm )
31.25
+4.39 ( 14.49 %)
NETSCOUT SYSTEMS I ( 4:00pm )
13.29
+3.05 ( 24.74 %)

Gainers & Losers
Dow Jones
Euro Stoxx 50
FTSE 100
FTSE 250
FTSE AIM
FTSE ALL
Nasdaq

 Portfolio Manager

You must log in to access this area of the site. If you are not a registered user click here to sign up for instant access!

 Finance Explained

Money making ideas

Save money
Money management
Savings accounts
Investing money
Share dealing
Stock broker
Forex currency trading
Pension plans
Functions of Money

(c) 2007 ABCmoney.co.uk, All Rights Reserved
*ABCMoney.co.uk does not guarantee the accuracy of any share prices or stock quotations displayed. These are not real time quotes; all are delayed by at least twenty minutes and are for information purposes only.