Suncorp Group no longer seeking to buy Tower

Company News

by Jessica Amir

Suncorp Group (ASX:SUN) will no longer be proceeding with its appeal of the New Zealand Commerce Commission’s decision to potentially buy Tower (ASX:TWR).

The Bank was appealing the NZ Commission’s decision, declining that it could buy Tower.

But, Suncorp’s subsidiary, Vero Insurance received a notice of termination, from Tower (ASX:TWR) and it stopped its appeal in its tracks. 

Suncorp says it’s now focused on maximizing the value of its Tower holding.

Shares in Suncorp Group (ASX:SUN) are trading about 0.3 per cent higher to $13.92.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.