	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 mln australian dlrs the uisition 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 dlrs each and four mln free options to the pratt group controlled by entrepreneur dick pratt plus four mln shares to professional investors at each it said the balance will be funded by debt battery group said the uisition is subject to the approval of its shareholders on completion of the share placements pratt group will effectively have pct of battery s enlarged capital assuming exercise of all options it said battery now has 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 mln dlrs in funds under management reuter 
