European Commission OKs Axis-PartnerRe merger
Posted On: May. 28, 2015 12:00 AM CST
Axis Capital Holdings Ltd. and PartnerRe Ltd. have received antitrust clearance from the European Commission for their proposed merger, announced Jan. 25.
The companies have now received all competition-related approvals required for the completion of the deal, Axis said Wednesday in a statement.
Axis and PartnerRe, both based in Pembroke, Bermuda, are proceeding with their plans to merge despite a competing bid for PartnerRe from Italian investment firm Exor S.p.A.
Those two companies, however, have yet to agree on terms for negotiations. Axis said the transaction remains on schedule to close in the third quarter of 2015, subject to approvals by the shareholders of both companies, regulatory clearances and customary closing conditions.