Opinion: Buberl's knockout blow

Axa CEO Thomas Buberl had very real issues in selling the
$15.3bn acquisition of XL to his shareholders even before
yesterday.
Axa's investors voted with their feet in the days after the
deal, with the stock price giving up 16 percent at its lowest
point.
The size of the deal clearly blindsided investors. There was
scepticism around the pivot from life towards P&C and
particularly into reinsurance.
And at 1.5x book - or close to 2x tangible book - the...