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NZ watchdog defers decision on IAG's bid for Wesfarmers' insurance unit

May 1, 2014 - 6:00am

The New Zealand Commerce Commission has yet again delayed the decision for approving Insurance Australia Group Ltd.'s planned takeover of Wesfarmers Ltd.'s insurance underwriting unit, reports

The Sydney Morning Herald. The New Zealand regulator is now scheduled to announce its decision on the acquisition, valued at $1.84 billion Australian ($1.6 billion), on May 7. IAG is optimistic about completing the takeover before July.

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