Wesfarmers' A$1 billion insurance sale to NYSE-listed Gallagher gets regulator clearances

Wesfarmers' A$1 billion insurance sale to NYSE-listed Gallagher gets regulator clearances
By Suze Metherell June 12 (BusinessDesk) - Wesfarmers has been given the green light by regulators to sell its broking and premium funding units for A$1 billion to Arthur J. Gallagher & Co, the New York stock exchange-listed insurer, completing the Australian company’s exit from the insurance industry. The Perth-based company expects to make a  pretax profit of between A$310 million and A$335 million from the transaction after approvals from the Overseas Investment Office, Foreign Investment Review Board in Australia and the UK's Financia...