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 is the head of news and a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.