TRANSAMERICA SELLS OCCIDENTAL LIFE AUSTRALIA

  Equity investment company &lt;Battery
  Group Ltd> said it had agreed to buy &lt;Occidental Life Insurance
  Co of Australia Ltd> from TransAmerica Corp &lt;TA> of the U.S.
  For 105 mln Australian dlrs.
      The acquisition has been made possible by the efforts of
  its major shareholder, &lt;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.
  

