2ND UPDATE: AMP Offers A$14 Billion For AXA Asia Pacific
15 November 2010 - 11:52AM
Dow Jones News
AMP Ltd. (AMP.AU) has offered more than A$13 billion for AXA
Asia Pacific Holdings Ltd. (AXA.AU) in its second attempt to buy
its wealth management rival, a person familiar with the matter said
Monday.
A deal would be a coup for AMP, which has long wanted to buy its
Australian rival as well as for the target's French parent AXA SA
(AXAHY), which has sought to offload the unit's Australian assets
and to acquire outright its Asian assets.
AMP's previous bid for the wealth management and insurance
company was rejected in favor of a higher bid from rival suitor
National Australia Bank Ltd. (NAB.AU) last year. The NAB deal was
later blocked by the competition regulator.
A report on The Australian newspaper's website said AXA SA would
underwite the scrip value of the offer, which effectively puts a
floor under the AMP stock price.
AMP has made a cash and stock offer valued at A$6.43 a share,
the person said. That's equivalent to the all-cash NAB bid. AXA APH
last traded at A$5.78 so the offer represents an 11% premium to its
last traded price.
Both AXA Asia Pacific and AMP are in a trading halt.
Representatives from AMP, AXA Asia Pacific and AXA SA weren't
immediately available for comment.
-By Rebecca Thurlow and Cynthia Koons, Dow Jones Newswires;
61-2-8272-4679; rebecca.thurlow@dowjones.com
(Lyndal Mcfarland in Melbourne contributed to this article.)
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