Axa Midi/Farmers Hearings Begin: Insurance hearings to...
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Axa Midi/Farmers Hearings Begin: Insurance hearings to determine whether Axa Midi of France can buy Farmers Insurance Group of Los Angeles started in Illinois.
Farmers, which was taken over by BAT Industries of London a year ago, is playing a pivotal role in the proposed $21-billion buyout of BAT by a group let by financier Sir James Goldsmith. Goldsmith has agreed to sell Farmers to Axa Midi immediately if the takeover goes through. But Farmers is fighting the deal, saying Axa’s plans would place too much of a debt burden on the company and would erode Farmers’ financial strength.
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