Lumley deal approved, delayed
The value of the Wesfarmers’ Lumley insurance business in New Zealand has been revealed as $374 million.
The Overseas Investment Office gave approval the deal which would see IAG pay a total of $A1.8 billion for the Lumley businesses in Australia and New Zealand.
But, in spite of the OIO approval, the deal has been delayed by the Commerce Commission for another week to consider the acquisition of Wesfarmers’ Lumley Insurance business in New Zealand.
The Commerce Commission did not give a reason for the delay.