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

Thu, 12 Jun 2014

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...

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