IAG NZ acquisition gets competition sign-off

Insurance Australian Group (IAG) has now received competition regulatory sign-off in both Australia and New Zealand to acquire the New Zealand underwriting operations of Wesfarmers.

The two companies confirmed to the Australian Securities Exchange (ASX) today that the transaction had received the approval of the New Zealand Commerce Commission (NZCC).

Wesfarmers managing director Richard Goyder described the NZCC clearance as an important step in completing the sale to IAG.

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However he said that the transaction still remained subject to a number of other approvals including by the Australian Prudential Regulation Authority (APRA) and the Federal Treasurer.

The Australian Competition and Consumer Commission (ACCC) signed off on the deal in March.

The Wesfarmers announcement said the company expected the transaction to be completed before the end of the second quarter of calendar 2014.

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