Suncorp in no rush to ditch Tower stake, but not a long-term holder

Thu, 15 Feb 2018

By Paul McBeth Feb. 16 (BusinessDesk) - Suncorp New Zealand doesn't see itself as a long-term shareholder in rival Tower after its $236 million takeover was rejected by the Commerce Commission but isn't interested in a fire sale. The local unit of ASX-listed Suncorp Group recognised a $12 million mark-to-market loss on its 19.9 percent stake in Tower in the six months ended Dec. 31. It built the holding last year paying $1.30 a share for the initial stake before settling on an offer of $1.40 per share. Its takeover approach was ultimatel...

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