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Blakes acts on AWB, ANZ deal
Blake Dawson has secured a position on the sale by agribusiness AWB of its Landmark Financial Services loan and deposit books to ANZ.
The New Lawyer
BLAKE Dawson has secured a position on the sale by agribusiness AWB of its Landmark Financial Services loan and deposit books to ANZ.
The loan book is worth about $2.4 billion, the firm said, and the deposit book about $300 million.
Tiffany Barton, lead partner on the deal, said: "Assisting Landmark ... to restructure its financial services business posed many interesting and complex issues. The agreement to transfer the loan and deposit books to ANZ, together with the exclusive referral relationship provides an excellent base for Landmark's ongoing financial services offering to rural and regional Australia."
The sale, which is expected to close in early 2010, comes after AWB announced the loans part of Landmark hasn't been making enough for its shareholders. It said that as a bank, ANZ would be better placed to manage the loans and deposits.
The transactions streamline AWB operations and reduce its debt burden and need for capital while providing ANZ with an expanded presence across Australia though the network of about 400 rural outlets.
