Australia's Westpac bank approaches St. George bank with US$ 14 billion bid (AP) (12-05-2008)

SYDNEY, Australia (AP) -- The proposed deal of these two very successful banks, can form 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.

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 on May 9, and it expects to make a further announcement before the start of trade Tuesday.

Trading in both banks’ shares was halted just before the announcement.

  Source AP