Suncorp New Zealand confirms that Vero Insurance New Zealand Limited (a wholly owned subsidiary of Suncorp Group Limited) has increased its shareholding in Tower Limited (Tower) to 19.99%.
On 22 February 2017, Suncorp announced that it had successfully acquired a shareholding in the Tower business, and submitted a non-binding indicative proposal to the Board of Tower to acquire the remainder of the business.
Suncorp New Zealand continues to work with the Commerce Commission on its application for clearance under s66 of the Commerce Act.
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Suncorp Group Limited (Suncorp) today announced that its wholly owned subsidiary, Vero Insurance New Zealand Limited (Vero NZ), had successfully acquired 11.14% of the ordinary shares in Tower Limited in New Zealand (Tower), and is standing in the market to acquire up to 19.9% of the shares in Tower.