TelstraSuper aborts Equip Super merger

TelstraSuper has pulled out its merger with Equip Super.

The board of TelstraSuper has announced that it has decided to terminate the heads of agreement that proposed to merge with EquipSuper because it had concluded it was not in the best interests of TelstraSuper members.

The statement said: “Bringing together two medium-sized funds is a complex process. As the merger process has progressed, and particularly in the period since the binding agreement was signed, it has become evident that TelstraSuper is unlikely to achieve our objectives for the merger, in the best financial interests of the Fund’s members”.

“As a result, the Board has made the decision to bring planning of a proposed merger to a close. The Board believes this is the right outcome for members,” it said.

The statement said the TelstraSuper Board continues to review the strategic direction of the Fund and options that are in members’ best financial interests over the longer term.