Toronto-based Fairfax Financial Holdings Limited and California-based Zenith National Insurance Corp. announced that Fairfax has received approval from the California Department of Insurance for the acquisition by Fairfax of Zenith pursuant to the previously announced merger agreement [See IJ web site – /news/national/2010/02/18/107455.htm].
Zenith will become a wholly owned subsidiary of Fairfax, and will continue to be operated by current management under the leadership of CEO Stanley Zax, with the exception of investments, which will be handled by Fairfax.
The parties said they “expect to close the transaction on Thursday, May 20, 2010.”
Source: Fairfax and Zenith
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