EC clears Axis/PartnerRe merger

The proposed merger of Bermuda-based Axis and PartnerRe has received antitrust clearance from the European Commission (EC).

The companies have now received all competition-related approvals required for the completion of the transaction.

If shareholders of both companies approve the transaction, the deal will close in the third quarter of 2015.

Last week (May 20, 2015) PartnerRe’s board of directors announced that it had agreed to engage in discussions with Exor to determine whether its offer could be improved, after securing a waiver from Axis, the other bidder.

But following a letter from the Italian investment company, PartnerRe said: “By demanding that we declare their offer ‘reasonably likely to be a superior proposal’ as a precondition to any negotiations, Exor has effectively rejected our board’s good faith offer made yesterday to engage in discussions on price and other terms. We have made it very clear that Exor’s price and terms are unacceptable.”

PartnerRe’s board has now proceeded to shareholder approval of its merger with Axis.