Australian banks' historic deal

Australian bank St George has agreed a takeover by Westpac Banking, a deal that would be the biggest banking acquisition in the country's history.

St George, Australia's fifth-largest bank, has agreed a revised deal worth 17.3 billion Australian dollars (£8.06bn; $14.4bn).

Australia's competition watchdog is unlikely to oppose the deal as it does not believe it will hinder competition.

St George shareholders will vote on the proposal on 13 November.

The chairman of St George, John Curtis, said the merger was a "very positive outcome" for the bank's shareholders.

Westpac will offer shareholders in its smaller rival 1.31 of its shares for every St George share.

St George shareholders will receive a further special dividend of 28 Australian cents per share up to a total of 160m Australian dollars.

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