StatewideSuper and Local Super funds to merge

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AUSTRALIA - The A$2.4bn (US$2.5bn)StatewideSuper and A$1.7bn Local Super have argreed to merge, creating one of the largest superannuation funds in South Australia.

The two funds have signed a memorandum of understanding agreeing to consolidate by 1 July 2012, subject to shareholder agreement and successful due diligence, said StatewideSuper CEO John O'Flahert...

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