Colonial in A$9bn merger

Trading in die shares of insurer Colonial, Melbourne, was suspended in the first week in March following the announcement of a friendly takeover deal between the company and Australia’s largest bank, the Commonwealth Bank (CBA). The takeover offer, which values Colonial at A$8.76bn (US$5.33bn) or A$8.75 per share, was nearly 50% higher man Colonial’s closing price on suspension of trading on 6 March. The CBA is offering seven of its own shares for every 20 Colonial shares.