The European Commission has cleared the proposed merger between Axis and PartnerRe.

The Commission said the deal did not breach European antitrust regulations — the last competition-related hurdle the two reinsurance firms had to clear.

A statement from Axis said the merger “remains on track to close in the third quarter of 2015”, subject to approval by shareholders in both firms and regulators, as well as normal closing conditions.

Italian investment giant Exor, however, is still interested in buying up PartnerRe as a stand-alone company for its portfolio.

PartnerRe shareholders are expected to be asked to approve the Axis merger plan in the near future.