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Philippine antitrust body approves Axa-XL Group deal

The Philippine Competition Commission cleared Axa's pending acquisition of XL Group Ltd.

The antitrust body also imposed a fine of 123,861.86 Philippine pesos for the late filing of notification about the transaction.

Under Philippine law, merging firms must file a notification within 30 days of executing a definitive agreement. The antitrust body said Axa and XL filed their notification June 25, months after the transaction was signed.

As of Sept. 4, US$1 was equivalent to 53.68 Philippine pesos.