(Reuters) - Australia's IOOF Holdings <IFL.AX> said on Thursday it agreed on a cheaper purchase price for Australia and New Zealand Banking Group's <ANZ.AX> pension assets, giving its shareholders another reason to rejoice after a landmark court case win last month.
ANZ cut the asking price for OnePath assets by 13% to A$825 million ($560.01 million), citing "changing market conditions" after an inquiry last year turned up the regulatory heat on Australia's financial institutions while a protracted U.S.-China trade war roiled global financial markets.
IOOF, among the worst affected by the Royal Commission inquiry, posted a sharp fall in annual profit in August after compensating aggrieved customers.
