AXA-XL FINED FOR LATE FILING OF MERGER NOTICE

THE Philippine Competition Commission

AXA, through its subsidiary Camelot Holdings Ltd., is set to merge with XL Group, with XL Group surviving the merger as a wholly-owned subsidiary of AXA.

In a statement on Tuesday, PCC Under its Rules of Merger Procedure, the firms should have - fore April 4, or within 30 days after

which was executed on March 5.

period but before consummating the transaction, they may be sub

percent of the value of transaction.

A merger or acquisition is considered consummated when the parties have transferred, conveyed, assigned, encumbered any right, title, interest, property or asset that

-

ment, the PCC said.

the signing of the merger agreement.

Upon subsequent review, the PCC Mergers & Acquisitions Of

not likely to result in a substantial lessening of competition and was approved on August 16.

If Both AXA and XL have global operations that required 11 noti

competition authorities.

“We urge firms to observe a standard of diligence in comply

across countries whether large or small. Merging parties that

even prior to consummation of Chairman Arsenio M. Balisacan.

AXA provides life insurance and is the holding company of the AXA Group, a prominent player in asset management in Europe, the US, Middle East, Latin America, and Asia, including the Philippines. In the Philippines, AXA Group maintains its operations through Philippine AXA Life Insurance Corporation, among others.

The XL Group is a global insurance company incorporated in Bermuda that provides casualty, property and specialty products to enterprises in North America,