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Australia: IAG reportedly eyeing acquisition of Wesfarmers' insurance business

December 9, 2013 - 6:00am


Insurance Australia Group Ltd. is in talks to acquire Australian conglomerate Wesfarmers Ltd.'s insurance business – including the commercial insurance unit – and is reviewing the unit's financial details, sources have told Bloomberg.

They also said a deal could be valued at more than $2 billion Australian ($1.8 billion), adding that Suncorp Group Ltd. may not pursue a takeover offer. Meanwhile, the Australian Financial Review reported that Wesfarmers has ended its discussions with Zurich Insurance Group A.G. over a potential deal.

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