Update Westpac and St George have agreed a merger deal that values the combined group at just over $66 billion and will see the smaller bank's investors own 28% of the new financial institution. The terms of the deal will see St George's shareholders receive 1.31 Westpac shares for every one of their own shares. In all, the transaction values St George at $18.6 billion or $33.10 per share. That represents a 24% premium to its most recent closing price of $26.65.

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