Zurich has cleared a major regulatory hurdle in its proposed takeover of ClearView Wealth, after the Australian Competition and Consumer Commission (ACCC) approved the deal during phase one of its review.
The ACCC clearance condition is expected to be satisfied once a 14-day review period expires at the end of May, provided no review application is lodged.
The transaction still requires a number of approvals before completion, including approval from APRA, court approval, and support from ClearView shareholders.
ClearView said its directors continue to unanimously recommend shareholders vote in favour of the deal, in the absence of a superior proposal, and subject to the independent expert continuing to conclude the scheme is in shareholders’ best interests.
The insurer’s largest shareholder group, Crescent Capital Partners, has also previously indicated support for the transaction.
