BOQ aims to axe half of Pioneer costs

The independent expert's report from Lonergan Edwards shows that management of Pioneer Permanent Building Society and Bank of Queensland expect BOQ to secure “incremental synergy benefits” of $7.8 million in the second year following the takeover by BOQ of Pioneer in early 2007. Pioneer yesterday published the documents required for the forthcoming special general meeting of shareholders to consider BOQ's takeover offer, which will proceed by a scheme of arrangement. BOQ has offered just shy of $50 million in cash and shares for Pioneer.