Suncorp Group has denied it is in takeover discussions or has received an offer in response to an Australian Securities Exchange (ASX) query triggered by a sharp rise in the insurer’s share price and trading volumes.
In its response, Suncorp said it was not aware of any undisclosed information that, if known to some market participants, could explain the recent trading in its securities.
The insurer pointed instead to a speculative report published shortly before the spike in share price and trading volumes, which said Tokio Marine and Suncorp had held preliminary takeover talks.
“Suncorp confirms that it is not in discussions regarding a takeover and that it has not received a takeover offer,” the company said.
Media reports in recent months have hinted that the Japanese insurance conglomerate zeroed in on Suncorp for a potential multibillion-dollar acquisition after months of due diligence. The speculation follows a broader strategic partnership announced earlier this year between Berkshire Hathaway and Tokio Marine to cooperate on large-scale international M&A.
The ASX issued a price query on 30 September after Suncorp shares rose from a closing price of A$19.05 (US$13.23) on 29 September to a high of A$20.18 the following day, alongside a significant increase in trading volume.
Suncorp also confirmed that it is complying with ASX listing rules, including its continuous disclosure obligations under Listing Rule 3.1. Its response was authorised under the company’s disclosure arrangements.
