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QBE Insurance to Pay A$300 Million for Elders Unit, Review Says

Posted on 31 Jul 2009

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QBE Insurance Group Ltd. may be announcing that it will pay as much as A$300 million ($248 million) for Elders Ltd.'s insurance division to increase revenue from rural finance, the Australian Financial Review said.

The agreement may be announced as soon as today after Elders shares were placed in a trading halt yesterday, the Review said, without saying where it got the information.

QBE is expected to take a minority equity stake in Elders as part of the deal, the report said.