PNG watchdog blocks Westpac’s (ASX:WBC) Pacific sale

Papua New Guinea’s watchdog has blocked the sale of Westpac’s (ASX:WBC) Pacific businesses to ASX-listed Kina Securities (ASX:KSL).

The news followed from the initial announcement from December last year of the $420 million sale that Australia’s oldest bank was looking to embark.

However, this is not surprising news as the Papua New Guinea’s Independent Consumer and Competition Commission hinted they would deny authorisation to Kina Bank for the proposed acquisition in July. 

Given the outcome, Westpac will continue to operate these businesses.

Shares in Westpac Banking (ASX:WBC) are trading 0.2 per cent lower at $25.59 while shares in Kina Securities (ASX:KSL) are trading 5.6 per cent lower at $0.85. 

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