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Suncorp disappointed by decision on Tower
Suncorp disappointed by NZ Commerce Commission decision on Tower
Suncorp Group Limited (Suncorp) today said it
was disappointed that the New Zealand Commerce Commission
had declined the application of Vero Insurance New Zealand
Limited (a wholly owned subsidiary of Suncorp) to acquire
Tower Limited (Tower).
Suncorp New Zealand CEO, Paul Smeaton, said he did not believe the proposed acquisition of Tower would substantially lessen competition in the New Zealand insurance market.
Mr Smeaton said Suncorp would
review the decision before commenting further.
Ends
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