Takeover battle eyed for Tower
A takeover battle for Tower could be emerging, after the Suncorp-backed Vero Insurance launched an on-market bid to take 20 per cent of the New Zealand listed company.
The Canadian firm, Fairfax Financial Holdings, launched a $197 million bid for Tower in early February which was supported by the board and major shareholders.
Suncorp’s decision to enter the market comes just a week after chief executive Michael Cameron revealed a review into the Queensland bank’s life insurance division was underway.
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