They have hardly said they were not interested, just a little late. And if they were of course they would say the opposite - there is no point in creating an environment where the market expects you to make a bid. The only reason Suncorp went for this deal was to protect itself as it was on the verge of receiving a takeover approach by HBOS (owner of bankwest) and maybe Westpac.^^ Westpac stated that it has no interest in Suncorp... but I'm sure others are... I just hope this deal goes ahead. I don't see anything wrong with it myself.
Suncorp owns GIO insurance, which has a reasonable share of the NSW/VIC insurance market (not huge, but certainly not insignificant). In addition, Suncorp underwrites and administers AMP insurance which makes for big bucks in commercial areas. Also for the record, Suncorp is majority shareholder of RACQ and LJ Hooker, and also owns RACT in Tasmania.... As far as I can tell Suncorp doesn't really have any seperate brands and markets everything under the Suncorp name, which is almost no penetration in the market down south.