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SYDNEY, Australia - Westpac Banking Corp. said Monday it has approached rival St. George Bank Ltd. with a 15 billion Australian dollars (US$14 billion; euro9 billion) takeover offer that could be the biggest shakeup of Australia's bank sector in years.
| WBK | 80.6 |  0.43 |
The deal would create Australia's largest financial services firm in terms of market capitalization, valued at almost A$64 billion (US$60 billion; euro39 billion) based on Friday's closing prices.
"St. George and Westpac are two highly successful banks, but we believe they would be stronger together in a way that allows both to harness the strength of each, while maintaining their unique identities and market positions," Westpac Chairman Ted Evans said in a statement.
Westpac said its proposal is for an all-equity deal but it didn't provide any details on the value of the proposed transaction. At the close of trading Friday, St. George's market capitalization was A$14.95 billion (US$14 billion; euro9 billion).
St. George said in a statement it received Westpac's approach late on May 9, and it expects to be in a position to make a further announcement before the start of trade Tuesday.
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