Suncorp buys 11% of New Zealand's Tower following Fairfax bid
Australian giant Suncorp has bought 11% of listed New Zealand general insurer Tower and is offering NZ$219m (£126m) for a full acquisition of the firm.
Suncorp spent NZ$24.4m on the share purchase, paying NZ$1.3 a share for 18.8 million shares, and made a "non-binding indicative proposal" to Tower's board to buy the rest of the shares at the same
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