Government approves of Suncorp Promina deal
The Federal Government has given its approval for the proposed acquisition of the Promina Group by Suncorp Metway to proceed.
Both parties announced today that the Minister for Revenue and Assistant Treasurer, Peter Dutton, had granted his unconditional approval for the deal to go ahead under section 14 of the Financial Sector Shareholdings Act.
The minister endorsed the proposal on the grounds that it was in the national interest.
The satisfaction of this condition represents another significant step both parties have conquered in order to complete the proposed merger.
Late last year the deal survived Australian Competition and Consumer Commission scrutiny when the consumer body decided it would not oppose the transaction.
According to Suncorp chief executive John Mulcahy high-level integration surrounding the deal is progressing well.
The proposed merger is still subject to shareholder approval that will be sought on March 5 of this year.
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