Australia's Suncorp denies takeover talks with Tokio Marine; shares fall

On October 1, Suncorp Insurance denied rumors of a potential takeover by Japanese firm Tokio Marine, stating in a statement to the Australian Securities Exchange that it had not entered into any discussions or received any offers. The insurer clarified that there was no undisclosed information supporting the recent trading fluctuations in its stock.

In August, the Financial Times had reported that Tokio Marine, which is backed by Berkshire Hathaway, had identified Suncorp as a preferred takeover target following its review of various potential options. The article also mentioned that the company had considered several other potential targets, such as Insurance Australia Group and Canada's Intact Financial Corp, before favoring Suncorp.

Following the media reports, Suncorp's shares experienced a significant drop, plummeting as much as 6.7% to A$18.63, marking the company's lowest point for intraday trading since February 17, 2025.