Australia’s Insignia shares climb on US$1.8bil bid from CC Capital

High premium: People on the streets of the central business district in Sydney. The Insignia deal would give CC Capital access to Australia’s US$2.5 trillion superannuation system, which is considered one of the world’s largest private pension markets. — AFP

SYDNEY: Insignia Financial shares shot up to a three-year high yesterday after it revealed a A$2.87bil (US$1.78bil) takeover bid from US-based investment manager CC Capital Partners, eclipsing a A$2.67bil offer from Bain Capital.

The deal would give CC Capital access to Australia’s $A4.1 trillion superannuation system, which is considered one of the world’s largest private pension markets.