Australia's Magellan surges as Barrenjoey acquisition completes
BUZZ-Australia's Magellan surges as Barrenjoey acquisition completes ** Magellan Financial MFG.AX shares jump nearly 14% to A$11.005, their highest level since March 10, while the broader benchmark .AXJO trades down 0.7%
** Stock among top gainers on AXJO, headed for strongest trading session since early March
** Financial services provider confirms completion of acquisition with investment bank Barrenjoey Capital; Brian Benari named CEO
** Subject to shareholder approval, co will be named Barrenjoey Group, trade under ASX ticker BYJ
** Co in March said it will acquire Barrenjoey for A$1.62 billion ($1.12 billion); MFG jumped most in nearly two decades after announcement
** More than 1.1 million shares traded so far vs 30-day avg volume of around 760,000
** YTD, stock up 8.7% YTD vs flat AXJO
($1 = 1.4512 Australian dollars)
(Reporting by Shravya Marakini in Bengaluru)
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