Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Update on Vero’s application to acquire Tower

Update on Vero’s application to acquire Tower

The Commerce Commission has agreed to extend the date for its final decision on Vero Insurance’s application seeking clearance to purchase 100% of the shares in Tower.

The Commission sent Vero a Letter of Unresolved Issues on 16 June 2017 that outlined the areas it was continuing to investigate concerning competition issues in the provision of domestic house and contents insurance and private motor vehicle insurance.

Vero requested the extension to provide additional time to respond to the Commission's letter, and for the Commission to take into account recent developments on Vero's purchase offer. The new decision date is26 July 2017.

The Commission is not seeking any further submissions on this application.

Background
Vero is the New Zealand subsidiary of Suncorp Group Limited, an Australian-based finance, insurance, superannuation and banking business. Suncorp, through Vero, Asteron Life and AA Insurance, provides a range of personal and commercial insurance products direct to customers and through insurance brokers and banks.

Tower is a New Zealand-based insurance company that provides personal and commercial insurance products direct to customers and through banks.

Vero currently holds 19.99% of the shares in Tower. The proposed acquisition would result in Vero owning 100% of the shares in Tower.

A public version of the clearance application is available on the Commission’s Clearances Register.


ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO:

New Report: Waitākere Kauri - Look After It, Or Lose It

With no cure for kauri dieback disease and treatment options still being trialled, the Auckland region faces a very real threat – take urgent action in the Waitākere Ranges or risk losing kauri from our forests altogether. More>>

ALSO: