13 May 2008
Major changes ahead for Australian institutions
Mergers and acquisitions dominate headlines.
Large-scale mergers are dominating Australian media reports this week with Westpac and St. George, currently 4th and 5th in terms of market value among retail banks in the country, announcing plans for a AU$75 billion marriage.
The deal, proposed by former St. George CEO and now head of Westpac, Gail Kelly (pictured, right), would propel the newly formed company to the very top of the banking sector and create an organization with more than 35,000 employees.
Health funds consolidating
Westpac and St. George have both called for a halt to their shares being traded while talks were ongoing.
In the healthcare sector, policy holders of private health fund MBF are due to vote in agreement for an acquisition by BUPA Australia in a deal worth AU$2.41 billion, in turn creating the largest private healthcare fund in Australia.
These potential mergers follow the recent merger announcement in the US from Delta and Northwest Airlines, and the collapse of the proposed Yahoo!-Microsoft deal at the beginning of May 2008.
Have your say
Mergers and acquisitions giving you too many shocks? Have you and your internal comms colleagues been left to communicate downsizing and clear up its effects?
Discuss these issues with other comms practitioners by joining the Internal Comms Hub members' group on the Communicators' Network.
Related news and resources:
Westpac appoints Gail Kelly as CEO
How Westpac gets the most from its communicators
Guiding principles during a merger
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