France’s AXA Group announced that it has completed the acquisition of 36.7 percent of the share capital of RESO GARANTIA, Russia’s second largest P&C insurer.
The transaction, which was announced on December 21, 2007, closed on June 17, 2008 (See IJ web site – http://www.insurancejournal.com/news/international/2007/12/27/85929.htm).
AXA also has an option to buy out the remaining shareholders “through calls exercisable in 2010 and 2011,” the company said, when the deal was announced. “AXA and RESO’s shareholders have also agreed to form a joint venture to develop an operation on Russia’s emerging life & savings market.
Source: AXA – www.axa.com
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