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Anatomy of a takeover: Inside ANZ’s battle to buy Suncorp

Anatomy of a takeover: Inside ANZ’s battle to buy Suncorp

In a transaction 14 years in the making, ANZ and Suncorp tried to show the ACCC the world for banking had changed.

Lucas Baird, Liam Walsh and James Eyers
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In 2008, Steve Johnston was in the thick of a crisis. His company, Suncorp, needed a deal – some sort of salvation – as the Queensland bank and insurer was being choked by the global financial crisis.

Weeks earlier, US giant Lehman Brothers had been destroyed. Now Suncorp looked like it may become the first Australian casualty as credit markets tightened like a vice.

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Lucas Baird
Lucas BairdReporterLucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
Liam WalshReporterLiam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
James Eyers
James EyersSenior ReporterJames Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au

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Original URL: https://www.afr.com/companies/financial-services/twists-and-turns-of-a-takeover-inside-anz-s-battle-to-buy-suncorp-20230802-p5dt8t