Business Services Industry
Promina to vote on $7.9bn offer.
Australasian Business Intelligence, December, 2006
Byline: Kevin Foley
Dec 20, 2006 (The Age - ABIX via COMTEX) -- Shareholders in Promina Group will vote on Suncorp-Metway's $A7.9 billion takeover offer in March 2007. This follows a ruling from the Australian Competition & Consumer Commission. In late December 2006, the regulator decreed that their merger would not substantially reduce competition in Australia's personal insurance market. Morgan Stanley analyst, David Humphreys, has expressed confidence in Suncorp's ability to preserve the best of both businesses.
Publication Date: 21 December 2006
PROMINA GROUP LIMITED - ASX PMN
SUNCORP-METWAY LIMITED - ASX SUN
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION
INSURANCE AUSTRALIA GROUP LIMITED - ASX IAG
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