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Date Published : Thursday, May 29, 2008
Australian mortgage unit Wizard has attracted takeover offers, according to reports.
The Sydney Morning Herald claims franchise owner General Electric (GE) has received bids since indicating earlier this week it was considering divesting the loans company.
The newspaper also reported GE will appoint an investment bank next week with further details to be revealed in early June.
Potential buyers have not yet been named and it is also unclear whether the takeover offers came from banks or how much they were for.
US-based GE recently announced quarterly earnings had fallen for the first time in five years.
As well as selling Wizard, GE is also considering moving it into a joint venture or taking on a partner to help manage the firm.
GE bought Wizard in 2004 when Australian home loan growth was at a decade-high.
However, a shrinking lending market across the globe has seen the Australian sector suffer too as borrowing costs deter homebuyers. In March home loan growth fell to its slowest annual pace since 1998.
It is believed GE acquired Wizard and its parent Australian Financial Investments Group for $500 million.
Speculators have named Mark Bouris, Wizard's founder and chairman as a possible candidate to buy back the company. He has expressed a willingness to help facilitate a sale if required, but denies talk of an ownership stake.
Wizard Home Loans launched in the mortgage market in 1996 and has become one of Australia's leading non-bank lenders with a network of more than 250 branches.
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