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Insurance Australia Group receives competition watchdog's approval for Wesfarmers bid

March 26, 2014 - 7:08am

Insurance Australia Group Ltd. has gained the Australian Competition and Consumer Commission's approval to acquire Wesfarmers Ltd.'s insurance underwriting operations for $1.85 billion Australian ($1.68 billion), Brisbane Times reported.

The competition watchdog said the deal would not weaken competition in the insurance sector to a large extent.

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