Suncorp Promina merger goes through
The proposed merger between insurance houses Promina Group and Suncorp Metway received positive support from shareholders yesterday paving the way for the merger to be finalised.
Ninety-four per cent of Promina shareholders who voted supported the merger, which also represented 99.76 per cent of the total shares that were voted.
The result more than met the minimum requirement for approval of the move.
The board of Promina feels the initiative will allow the company to deliver improved value to shareholders compared to that of the stand-alone entity, accelerate value creation opportunities, and improve the organisation’s economies of scale.
The process will now move to the Federal Court of Australia for approval on March 12. If approval is received, the record date for determining entitlements under the deal is scheduled for March 16, with the implementation of the scheme planned for March 20.
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