Suncorp said on Thursday it was not in discussions regarding a takeover and had not received an offer, following a media article linking the Australian insurer with Japan’s Tokio Marine.
In a response to a query from the Australian Securities Exchange, Suncorp said it had no undisclosed information that could explain the recent trading in its stock.
Earlier in August, the Financial Times reported Japanese insurer Tokio Marine had identified Suncorp as a preferred takeover target after reviewing several potential options.
The FT report added that Berkshire Hathaway-backed Tokio Marine had also considered several takeover targets, including Insurance Australia Group and Canada’s Intact Financial Corp, before favouring Suncorp.
Suncorp’s shares fell as much as 6.7% to A$18.63, marking their weakest intraday session since February 17, 2025.
Reuters
