Advertisement

Shareholders voted 2 to 1 for Batus...

Shareholders voted 2 to 1 for Batus Inc. to acquire Farmers Group, a Los Angeles insurance holding company, in a $5.2-billion deal that will become the biggest purchase ever of a California firm. Nearly 65% of Farmers’ shareholders approved the merger at a price of $75 a share, agreed on last Aug. 24 after a stormy courtship by the Kentucky company, a subsidiary of BAT Industries of the United Kingdom. “This strategic investment . . . complements the group’s major financial services business in the U.K. and Canada,” Patrick Sheehy, Batus’ chief executive, told shareholders at the Beverly Hilton. The deal will officially close on Friday.


Advertisement
Advertisement