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 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.