NU Online News Service, Dec. 8, 3:41 p.m. EST
PartnerRe Ltd. in Bermuda announced completion of its acquisition of Zug, Switzerland-based Paris Re Holdings Limited, following Paris Re shareholders' approval of the $2 billion stock deal announced in November.
As a result of the shareholders' vote and merger completion, each remaining Paris Re common share not already owned by PartnerRe has been exchanged into the right to receive 0.3018 PartnerRe common shares.
PartnerRe said this is the same exchange ratio of 0.30 PartnerRe common shares for each Paris Re common share offered to Paris Re common shareholders in prior purchases.
PartnerRe said it continues to move forward with the integration of Paris
Re into PartnerRe and, as previously announced, the two companies will separately renew their respective books of business at Jan. 1, 2010.
Hans-Peter Gerhardt, Paris Re chief executive officer, said in a statement, "The agreement of our shareholders to the merger with Partner Re creates one of the world's premier reinsurance operations, of which we are proud to become a part. Our immediate focus is on the successful renewal of Paris Re's portfolio for 2010, while we are also working on the design of the new organization with our new colleagues."
Paris Re's subsidiaries will continue to renew their business under the name Paris Re until the middle of 2010. "We are confident that our strong client relationships and the continuing commitment of our teams will make this a successful integration," said Mr. Gerhardt.
Earlier, PartnerRe announced its successful cross-listing on NYSE Euronext Paris, effective today. This cross-listing provides investors with a Euro-denominated, European-listed trading platform, in addition to PartnerRe's U.S. Dollar listing on NYSE.
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