Tencent Securities -- In the early hours of March 6, Beijing time, U.S. financial website MarketWatch reported that French insurer AXA SA said on Monday that it would acquire U.S.-listed insurer XL Group Ltd. (NYSE:XL) for $15.3 billion, aiming to strengthen the group's property and casualty insurance business.

AXA said XL shareholders will receive $57.60 in cash per share, a 33% premium to XL's closing price on March 2. The group said the transaction is subject to approval by XL shareholders and regulators.

The French insurer said it will accelerate plans to list its U.S. operations and sell other businesses, because the acquisition will help offset any earnings dilution those transactions might cause.

AXA expects the synergies from the acquisition to add about $400 million to its annual pre-tax profit.

According to a statement released by AXA, XL Chief Operating Officer Greg Hendrick will serve as CEO of the combined company.

Source: Tencent  2018-03-06