New Zealand regulators have backed Wesfarmers Limited
(ASX:WES) proposed $1.85 billion sale of its insurance underwriting business to Insurance Australia Group Limited
(ASX:IAG).
The New Zealand Commerce Commission has given the green light for the deal to go ahead, adding to clearance already received from Australia’s competition regulator.
Wesfarmers Managing Director Richard Goyder has welcomed the key transaction milestone and expects the deal to be tied up before the end of June.
Approvals are still pending from the Australian Prudential Regulation Authority, the Federal Treasurer and the Reserve Bank of New Zealand.
Wesfarmers reported a net profit of $1.4 billion in the first half of the 2014 financial year.
