Promina shares shoot up on takeover confirmation

Shares in Australasian insurer Promina Group jumped 15 per cent in early trading in New Zealand after it confirmed that it had received a takeover proposal from Suncorp-Metway Ltd.

Promina traded up $1.14 or 15.5 per cent to $8.50 albeit on slim volumes.

Promina confirmed it had received a proposal from Suncorp to acquire all the ordinary shares of the company.

The proposal offers 0.2618 Suncorp shares and A$1.80 ($2.05) cash per Promina share, it said.

- REUTERS