Business Services Industry
Insurance takeovers: Promina may go fast.
Australasian Business Intelligence, April, 2003
Apr 20, 2003 (The Sydney Morning Herald - ABIX via COMTEX)
Some industry observers have speculated that the Australian insurance sector could undergo further consolidation. In fact, Promina Group, which is due to float in May 2003, is already considered a potential takeover target, with Suncorp-Metway and St George Bank regarded as a potential buyers. The success of Insurance Australia Group's integration of CGU and NZI has fuelled the speculation. In addition, Australian health insurance companies such as Medibank Private are being eyed by investment banks as future revenue opportunities, provided the entity is privatised by the Australian Government.
Publication Date: 21 April 2003
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