Wesfarmers said yesterday that sale agreement contemplated the possible sale of the Lumley life insurance business prior to or following completion of the acquisition of the business.
It now says that sale process has begun.
Lumley Life managing director Geoff Black says that it is unclear who is selling the life business, as it depends on when the transaction takes place.
If it is sold before Wesfarmers settles its purchase then the UK company will be the seller. If it’s after that date then it is Wesfarmers.
He says that it’s still early days in the sale and no negotiations are in process.
Wesfarmers announced the move so that Lumley’s staff, policyholders and advisers were kept in the loop. "We will be sold," he says. "There are a lot of interested parties."
Lumley Life, contributed some $110 million of the Lumley group’s total $690 million gross premium in the year ending June 30, 2002.
Earlier story Wesfarmers negotiating to buy Lumley
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