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New Zealand: Commerce Commission clears IAG to buy Wesfarmer's Lumley unit

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The New Zealand Commerce Commission has given clearance to Insurance Australia Group Ltd. to acquire Wesfarmers Ltd.'s Lumley General Insurance (NZ) Ltd., reports The National Business Review.

The commission said it is "confident that IAG's purchase of Lumley will not materially change the provision of services or the ability of customers to shop around," adding that it "is satisfied competition remains."

The deal, which would move Wesfarmers' Lumley Insurance and WFI brands to IAG, is subject to further regulatory clearances.

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