Shareholder approval moves Commerce, Mapfre merger one step closer to completion

By Lisa Kerner

Charlotte, N.C., Feb. 14 - Shareholders of the Commerce Group, Inc. voted to approve the company's acquisition by Mapfre SA.

The number of shares voting to approve the transaction represented 88% of the total number of shares entitled to vote and about 97% of the shares actually voted.

Approvals are still needed in Massachusetts, California, New York and Ohio, a company news release stated.

Commerce and Mapfre expect the merger to close late in the first quarter or early in the second quarter.

In October, Commerce reported an agreement to be acquired by Mapfre for $2.2 billion.

Commerce is expected to merge with a U.S. subsidiary of Mapfre, with Commerce shareholders set to receive $36.70 per share.

The Commerce Group is a property and casualty insurance company based in Webster, Mass.

Mapfre is an insurance company based in Madrid with offices in Florida, New Jersey and Puerto Rico.

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