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Fairfax offers to buy Tower for nearly $150 million


Canadian insurer Fairfax Financial Holdings Ltd. has made an offer to buy New Zealand-based insurer Tower Ltd. for $197 million New Zealand ($143 million), Radio New Zealand reported. "The acquisition of Tower will provide us with an immediate significant presence... in a market where Fairfax currently has limited exposure," said Fairfax chairman Prem Watsa.

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