Promina cops fine

Promina, Australia's second-largest car and home insurer, was fined A$100,000 ($114,000) for not disclosing to the stock exchange that it was in takeover talks with Suncorp-Metway.

Promina became aware of Suncorp's A$7.8 billion proposal on October 10, the Australian Securities & Investments Commission said.

Promina became obliged to disclose the plan to investors the next day after a Dow Jones newswire story speculating about the bid, the regulator said.

Promina didn't disclose the talks until October 12.