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