Suncorp’s New Zealand Subsidiary, Vero Closes in on Tower NZ. Suncorp AUD 12 FVE Unchanged
No-moat-rated Australian and New Zealand general insurer, Suncorp Group, is set to expand its New Zealand operations with the planned acquisition of Tower Limited. Tower’s board has endorsed the recently upgraded cash offer of NZD 1.40 per share made by Suncorp’s wholly owned subsidiary Vero Insurance New Zealand Limited. Vero owns 19.9% of the shares in Tower and is offering to buy all the ordinary shares in Tower it does not already own. Vero’s upgraded offer is 20% higher than the original bi...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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