Japanese insurer Dai-ichi Mutual Life Insurance will redeem 30 % of Tower Australia Group’s shares
25 August 2008Second insurance company Dai-ichi Mutual Life Insurance - the largest in Japan company - has agreed to get 30 % of Tower Australia Group’s shares and to enter on the Australian market of services of insurance.
The price of the transaction will presumably make 376 million Australian dollars (341 million US dollar).
Dai-ichi Mutual Life Insurance has already got 50,3 million shares of this group at the price of 3,75 Australian dollars per share and is planning to get 50,1 million shares under the same price as soon as approval from regulators will be met from shareholders.
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