Australia's Suncorp denies takeover talks with Tokio Marine; shares fall
Suncorp logo is seen in this illustration taken February 3, 2025. REUTERS/Dado Ruvic/Illustration
Oct 1 : Suncorp said on Thursday it was not in discussions regarding a takeover and had not received an offer, following a media article linking the Australian insurer with Japan's Tokio Marine.
• In a response to a query from the Australian Securities Exchange, Suncorp said it had no undisclosed information that could explain the recent trading in its stock.
• Earlier in August, the Financial Times reported Japanese insurer Tokio Marine had identified Suncorp as a preferred takeover target after reviewing several potential options.
• The FT report added that Berkshire Hathaway-backed Tokio Marine had also considered several takeover targets, including Insurance Australia Group and Canada's Intact Financial Corp, before favouring Suncorp.
• Suncorp's shares fell as much as 6.7 per cent to A$18.63, marking their weakest intraday session since February 17, 2025.
