The Federal Treasurer has approved ANZ Bank's acquisition of the banking arm of Suncorp Group ((SUN)), and completion is now due by the end of July, notes Morgan Stanley.

The broker doesn't believe the announcement will come as a surprise to investors, and notes the deal will only result in a slight change to the bank's business mix and risk profile.

The Equal-weight rating and $27.80 target are unchanged. Industry view: In-Line.

Sector: Banks.

Target price is $27.80.Current Price is $28.24. Difference: ($0.44) - (brackets indicate current price is over target). If ANZ meets the Morgan Stanley target it will return approximately -2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2024 Acquisdata Pty Ltd., source FN Arena