Bermuda-based ACE Limited announced that Citigroup Global Markets Inc. and Goldman, Sachs & Co. have exercised their option to purchase an additional 4,292,500 ordinary shares of ACE Limited.
The option to purchase the additional shares was granted in connection with the public offering of shares of ACE Limited on Oct. 3, 2005. This action raises the total number of shares purchased through the offering to 32,909,170 shares at a price per share of $45.58, for total gross proceeds of $1.5 billion.
ACE expects to use the net proceeds of the offering for growth opportunities in the global insurance and reinsurance markets.
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