IAG raises $236m for Wesfarmers acquisition

Share price plan oversubscribed, more funding to come from internal resources, debt.

Insurance Australia Group (IAG) has raised approximately $236 million from an oversubscribed share purchase plan to fund its recent acquisition of Wesfarmers' (WES) insurance underwriting business.

In a statement to the Australian Securities Exchange, the insurance company said it would issue around 43 million new shares at $5.47 per share, to begin trading on February 4.

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