Vero Insurance, the wholly owned subsidiary of Suncorp, announced it would no longer pursue a takeover of New Zealand-based insurer Tower.
The decision followed Tower issuing a notice of termination in regards to the previously proposed Scheme Implementation Agreement.
Suncorp advised Tower it would no longer be appealing the Commerce Commission's decision to decline its application to acquire 100% of Tower either.
Tower advised shareholders it will continue to develop plans to raise further capital, while Suncorp stated it is now focused on maximising the value of its Tower shareholding.