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Australia's Suncorp-Metway takeover of Promina receives govt approval


Published : Tue, 16 Jan 2007 02:20
By : Agencies
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SYDNEY (XFN-ASIA) - Suncorp-Metway Ltd said its proposed 7.9 bln aud takeover of general insurer Promina Group Ltd has been approved by the Australian government.

The banking and insurance group said the approval under the Financial Sector (Shareholdings) Act, follows its proposal being cleared by the competition regulator, The Australian Competition and Consumer Commission, last month.

Promina shareholders will vote on the merger on March 5.

(1 usd = 1.28 aud)

bruce.hextall@xfn.com

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