Merger vote called as Partner grabs more Paris Re shares
Partner Re has speeded up it total purchase of the French-listed, Swiss-based diversified reinsurer Paris Re by moving to a merger vote instead of an exchange offer.
Partner Re’s purchase of 77% of Paris Re, on top of the previously held 6%, giving it 83%, should go through in October. It will then call a meeting of shareholders to vote on a full merger. It would need 90% of shareholders to approve.
Partner Re said it may buy additional shares in the coming weeks or secure voting commitments from certain other shareholders.
No underwriting change
It said: “The amended structure of the transaction does not change the companies’ stated approach to all renewals prior to July 1, 2010, for which Partner Re and Paris Re will renew their portfolios separately, and with the underwriting approach customary for each company.”
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