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Briefs: Suncorp pursues Tower. Equity mishap a third strike at ANZ

Suncorp is expected to present ASX-listed insurer Tower Ltd with a A$205 million takeover bid this morning, the Financial Review reports. North America's Fairfax Financial announced an all cash bid for Tower two weeks ago. ANZ will pay a fine of A$130,000 for a third breach of equity market rules on orderly conduct. The fine is more than 1000 times the value of the commission earned by ANZ Share Investing on a handful of trivial, if cynical, trades over two weeks by a client out to manipulate the share price of ASX listed New Guinea Energy. Prior trading by the client had already raised flags at ANZ Share Investing (formerly E*Trade) but staff failed to act. Management eventually suspended the client's account.

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