The merger between Westpac and St.George was implemented on 1 December 2008. The scheme was completed through an all-scrip merger, with eligible St.George shareholders receiving 1.31 Westpac ordinary shares for each St.George ordinary share held at the record date of 24 November 2008.
Australian Taxation Office Ruling
The following information was released to the Australian Securities Exchange (ASX) on 5 December 2008:
"On 22 October 2008, the Australian Taxation Office (ATO) issued a class ruling CR2008/63 on the tax implications of the merger of St.George Bank Limited (St.George) and Westpac Banking Corporation (Westpac) for the former St.George shareholders. The class ruling accords with section 9 of the Scheme Booklet. The ATO accepts the market value of the Westpac shares received by St.George shareholders, for tax purposes, as the volume weighted average price (VWAP) at which Westpac shares traded on the ASX on the Implementation Date, 1 December 2008. The VWAP for Westpac shares on 1 December 2008 was $17.1882."
Westpac welcomes ACCC approval 13/08/2008
St.George and Westpac sign Merger Implementation Agreement (MIA).