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Daily Insurance Industry News
Tuesday 16th of January 2018
September 26, 2009

PartnerRe shareholders approve Paris Re acquisition

by David Masters

Story link: PartnerRe shareholders approve Paris Re acquisition

Shareholders of US-based PartnerRe have approved the acquisition of French rival Paris Re.

PartnerRe announced the approval to acquire the France-listed, Swiss-based firm at a Special General Meeting.

Decisions approved by the shareholders included issuing PartnerRe common shares in connection with transactions to acquire Paris Re, increasing the size of the board of directors from 11 to 12, and increasing the number of common shares that may be awarded to employees as restricted shares.

The approval by shareholders follows the European Commission granting permission for the acquisition earlier this week.

PartnerRe will acquire Paris Re in multiple stock-for-stock transactions with a total value of around $2 billion.

 

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