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XL Group shareholders approve $15.3B Axa takeover

Shareholders of Bermuda-based XL Group Ltd. have signed off on the company's pending $15.3 billion takeover by French insurer Axa.

The deal is expected to be completed in the second half of the year and will see XL shareholders receive $57.60 per share. The transaction remains subject to customary closing conditions, including receipt of required regulatory approvals.

Axa shares fell nearly 10% to €22.62 on March 5, the day the deal was announced. Despite recovering some of those losses later, the stock is now down even further, having closed June 5 at €21.73.