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Friday 8th August 2008 |
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Proceeds from the sale will be used to help fund GPG's investments, it said in a statement.
Shares of Tower Australia, which was split off from the New Zealand business in a restructuring driven by GPG, have handed investors a return of 18% in the past year. They traded yesterday at A$2.79.
Dai-ichi, one of the world's 10 largest life insurers by premium income, agreed to begin a business cooperation deal with Tower if it succeeds in gaining all of GPG's shares. The deal would mark its entry into Australia's life insurance market.
GPG shares rose 4.8% to NZ$1.53. Executives Gary Weiss and Michael Jefferies resigned from Tower's board.
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