Australian Shares Flat Amid Lack of Catalyst; ANZ to Get AU$196 Million One-Off Hit After Acquiring Suncorp Bank

MT Newswires Live10-28

Australian shares were flat with a positive bias on Monday amid a lack of catalysts ahead of the release of the country's latest consumer price index data.

The S&P/ASX 200 Index was little changed to close at 8,221.50.

In corporate news, ANZ Group Holdings (ASX:ANZ, NZE:ANZ) expects to incur a one-off net after-tax charge of AU$196 million following its acquisition of Suncorp Group's (ASX:SUN) Suncorp Bank last July. Shares closed down almost 1%.

Meanwhile, Mineral Resources (ASX:MIN) advanced its investigations surrounding Chief Executive Chris Ellison with the appointment of law firm Herbert Smith Freehills. Shares rose past 1% at market close.

It plans to release its conclusion and actions to be taken related to the investigation by Nov. 4.

Finally, Mosaic Brands (ASX:MOZ) appointed joint and several administrators from FTI Consulting after not being able to get support for a proposed restructuring and reach a deal with Australia's competition regulator in ongoing legal proceedings.

The administrators will work with receivers and managers from KPMG appointed by its senior secured lender to support the retailer's restructuring process.

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