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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.

Read related topics:Suncorp

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Original URL: https://www.theaustralian.com.au/business/dataroom/takeover-battle-eyed-for-tower/news-story/df2efc962dd9d89f03b78d8507cdde61