TRANSAMERICA SELLS OCCIDENTAL LIFE AUSTRALIA
Equity investment company <Battery
Group Ltd> said it had agreed to buy <Occidental Life Insurance
Co of Australia Ltd> from TransAmerica Corp <TA> of the U.S.
For 105 mln Australian dlrs.
    The acquisition has been made possible by the efforts of
its major shareholder, <Pratt and Co Financial Services Pty
Ltd>, Battery Group said in a statement.
    The purchase will be partly funded by the issue of eight
mln shares at 4.50 dlrs each and four mln free options to the
Pratt Group, controlled by entrepreneur Dick Pratt, plus four
mln shares to professional investors at 4.50 each, it said.
    The balance will be funded by debt, Battery Group said.
    The acquisition is subject to the approval of its
shareholders.
    On completion of the share placements, Pratt Group will
effectively have 51 pct of Battery's enlarged capital, assuming
exercise of all options, it said. Battery now has 22 mln shares
on issue.
    Battery said Occidental Life is a major underwriter of
individual term life insurance and a recent but fast-growing
entrant in the individual account superannuation market.
    It has some 200 mln dlrs in funds under management.
 REUTER
