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GE still in talks to sell Wizard to NAB, says AFR

GE still in talks to sell Wizard to NAB, says AFR
GE Australia and New Zealand is pressing ahead with plans to sell Wizard in Australia despite the expiration of an exclusive negotiation window with National Australia Bank, the Australian Financial Review reports. The AFR points out that NAB is the only realistic bidder and can afford to wait for a low price because Westpac already has RAMs, CBA has Aussie and ANZ has ruled itself out. What happens in New Zealand is another matter. A management led buyout is a stronger option here given Wizard's relatively lower market share. * This article was first published in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.

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