Safeco shareholders OK acquisition by Liberty Mutual

By Lisa Kerner

Charlotte, N.C., July 29 - Safeco Corp. shareholders voted "overwhelmingly" to approve the company's merger with Liberty Mutual Group, it was announced on Tuesday.

According to Safeco, of the company shareholders who voted, 99.5% voted to approve the deal.

The transaction is expected to close by the end of the third quarter of 2008, subject to approval by various state departments of insurance, 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 in a transaction valued at $6.2 billion.

Boston-based Liberty Mutual is a diversified insurer.

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