(October 1 – 16:40) – Maritime
Life has completed its purchase
of shares of Aetna Canada.
The deal still has to be approved
by the Office of the Superintendent
of Financial Institutions.
The completion of the share
purchase for $438 million paves
the way for Maritime Life to seek
required approval for the
amalgamation of the two companies,
targeted for January 1, 2000. Until
then, Aetna Canada and Maritime
Life will continue to exist as
separate companies.
“Our goal from now on is to
operate more and more as if we are
already one company. Employees in
both organizations have
demonstrated tremendous dedication
and commitment to bringing the two
companies together in recent
months,” says Bill Black, president
and CEO of Maritime Life.
-IE Staff
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