Japanese life insurer Dai-ichi Life Insurance’s takeover of Tower Australia has been completed, with the Federal Court approving the scheme of arrangement.

Dai-Ichi Life will now buy the remaining Tower shares at $4 a share during the next couple of weeks.

Last month 97.3% of Tower shareholders approved the takeover, with Dai-Ichi abstaining from voting.

On Wednesday last week trading of Tower shares on the Australian Securities Exchange was suspended.