Axa to buy XL Group for $15bn
Paris : French insurer AXA snapped up Bermuda-based XL Group yesterday in a move it says will make it the leading provider of property and casualty coverage for businesses. The deal, for about US$15.3 billion (€12.4 billion) in cash, will “create a new AXA”, CEO Thomas Buberl told reporters. The deal has been agreed by the boards of both companies and is expected to be completed in the second half of this year, AXA said.
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