DataRoom AM: IAG bounty

Insurance Australia Group hopes to turn risk into reward with its Wesfarmers insurance buy, while the IPO rush looks set to continue in 2014.

Insurance Australia Group, once rumoured as a takeover target for Wesfarmers, has put the shoe firmly on the other foot, buying out the insurance underwriting business of the Western Australian giant. The $1.85 billion sale is the largest in Wesfarmers’ history and appears to have plenty of positives for both sides, as long as the Australian Competition and Consumer Commission doesn’t stand in the way.

Elsewhere, the IPO market prepares for a big 2014, Pact Group gets set to list today, a major oil and gas merger gets canned and APA Group mulls a fresh offer for Envestra.

Wesfarmers, Insurance Australia Group



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