Suncorp NZ’s Offer for Tower Declined by NZ Commerce Commission. AUD 12 FVE Unchanged
No-moat-rated Suncorp Group’s wholly owned subsidiary, Vero Insurance New Zealand, has surprisingly had its proposed acquisition of Tower Limited blocked by the New Zealand Commerce Commission. We were expecting the proposal to receive regulatory approval, but regulators considered the proposed deal would substantially lessen competition in New Zealand’s insurance market. Despite the setback, Suncorp will review the decision and assess its options for expansion in the New Zealand market. An upsi...Suncorp Group is engaged in the general insurance, banking, life insurance, superannuation products and related services to the retail, corporate and commercial sectors. Co.'s segments are: Personal Insurance, which include home and contents insurance, motor insurance and travel insurance; Commercial Insurance, which include commercial motor insurance, commercial property insurance and marine insurance; General Insurance, which include home and contents insurance, motor insurance, marine insurance; Bank, which include personal and commercial banking; and Life, which include financial planning and funds administration services.
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