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.