[QUOTEI still do not get why the breaking the business up if they cannot even sell things at higher multiples than the business is trading on (notwithstanding the Investment business which is WORTH a premium as Kiwisaver as at the infancy of a long term multi-decade structural growth outlook.
][/QUOTE]
There is a theory that they don't have critical mass in any of their businesses and therefore become merely price-takers. There's something in this perhaps in that IAG dominate general insurance; the banks and AMP have the bulk of the funds management sector; Southern Cross the big player in health insurance, I think, although Tower are now out of this.
The other theory is that GPG want their money out and can't find a buyer for their stake in TWR, so.......
There may be other reasons/theories.