Tuesday, 9th February 2010

 

9 November 2009 - Press Briefing

AXA Asia Pacific snubs takeover offer from Australian wealth rival

AXA Asia Pacific Holdings on Monday revealed that it had rebuffed as inadequate an A$11.04bn (€6.8bn) cash-and-stock bid from rival Australian wealth manager AMP despite the proposal being supported by its French parent, Axa SA, according to a report in The Wall Street Journal.

In a statement, Axa APH said AMP tabled a conditional offer on Saturday, proposing to acquire all shares in the former - including the 53.9% controlled by Axa SA, while the French company would purchase Axa APH's Asian businesses. AMP’s bid of nearly A$5.34 a share comprised 0.6896 AMP shares and A$1.38 in cash for each Axa Asia Pacific share. Axa APH shares closed on Friday at A$4.30.

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