Proxy advisory firm in favor of Safeco's merger with Liberty Mutual

By Lisa Kerner

Charlotte, N.C., July 16 - Safeco Corp. said RiskMetrics Group/ISS recommends the company's shareholders vote in favor of Safeco's merger with Liberty Mutual Insurance Co.

Shareholders were encouraged to vote in time to be counted for the meeting on July 29, a Safeco news release said.

In April, Liberty Mutual agreed to acquire Safeco, a Seattle-based insurance company, for $68.25 per share in cash.

It was previously reported that the transaction, valued at $6.2 billion, would close by the end of the third quarter of 2008.

Boston-based Liberty Mutual is a diversified insurer.

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