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Axa closes on XL takeover as shareholders back deal

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XL Group shareholders have voted in favour of French insurer Axa’s $US15.3 billion ($20.08 billion) takeover.

The combined operations of XL Group, Axa Corporate Solutions and Axa Art will be led by President and COO of XL Group Greg Hendrick.

He will join Axa’s management committee and report to Axa CEO Thomas Buberl.

XL Group CEO Mike McGavick will become Vice-Chairman of the combined property and casualty commercial lines operations, and advise Mr Buberl on integration and strategic matters.

Under terms of the sale – to be completed in the second half of the year – XL Group shareholders will receive $US57.60 ($75.60) per share.