Suncorp disappointed NZCC declines Tower to buy Vero

Company News

by Jessica Amir

Suncorp (ASX:SUN) says its disappointed that the New Zealand Commerce Commission has declined Tower Insurance (ASX:TWR) to buy Suncorp’s subsidiary, Vero Insurance New Zealand.

The bank says if Tower purchased Vero it would not substantially lessen competition in the NZ insurance market.

Meantime, Tower says it will work with Vero to assess the implications, while shareholders will no longer have to vote on the decision in September.

Suncorp says it will also review the NZCC’s decision and assess further options, before making further comments.

Shares in Suncorp (ASX:SUN) are trading 0.70 per cent higher to $14.46

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.