IAG’s brutal poison pill

Every year there's a rumour that Insurance Australia Group will receive a takeover offer, but given it possesses Australia's most powerful poison pill, a buyout is highly unlikely.

For the last few years – almost without exception – an inexperienced merchant banker will try and drum up takeover business by flogging around the market the idea of someone acquiring Insurance Australia Group.

On each occasion they also sell the idea to an equally inexperienced journalist. Last year followed past years with one deviation – Wesfarmers was named as the likely acquirer.

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