HBF’s proposed AU$4 billion (US$3 billion) merger with NSW private health insurer HCF has collapsed. The not-for-profit groups revealed Friday, June 1, they had called off the merger talks after failing to agree terms over the past three months.
The deal would have seen the combined entity become the third-biggest health insurance provider in Australia, behind Bupa and Medibank Private.
The two companies would have retained separate identities and been run by their own management under a new umbrella company, overseen by a common board of 10 directors.
“HBF has been clear from the outset that the merger would only proceed if it provided real benefits to HBF members in Western Australia,” managing director John Van Der Wielen said.
Full Content: ABC News
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