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AMP moves to purchase AXA
Source: Agencies |
November 16, 2010, Tuesday
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Print Edition
Print Edition
INSURER and wealth manager AMP is making a second attempt to buy AXA Asia Pacific Holdings Ltd, yesterday launching a 13.3 billion Australian dollar (US$13.1 billion) takeover offer with French insurer AXA.
AMP would buy the Melbourne-based company to combine its Australian and New Zealand businesses with its own operations and sell the Asian businesses to AXA, which is the majority owner of AXA Asia Pacific, for A$10.4 billion.
Under the proposal, the minority shareholders of AXA Asia Pacific would receive at least A$6.43 per share in cash and AMP shares, equaling the offer earlier this year by National Australia Bank Ltd.
Australia's antitrust regulators blocked that deal on the grounds it would slash competition in the retail investment platform market.
Sydney-based AMP first made an A$11 billion offer for AXA Asia Pacific in November 2009, then improved the bid before being trumped by National Australia Bank's surprise US$13.3 billion offer last December.
The independent directors of AXA Asia Pacific said in a statement that they were considering the proposal, which they said was subject to the unanimous recommendation of the directors.
AMP chairman Peter Mason encouraged the AXA Asia Pacific directors to recommend the proposal, saying it represents "compelling value" for shareholders.
They would receive a "significant premium on the value of their shares along with the opportunity to participate in the ongoing earnings of a stronger and more competitive AMP," he said.
AMP would buy the Melbourne-based company to combine its Australian and New Zealand businesses with its own operations and sell the Asian businesses to AXA, which is the majority owner of AXA Asia Pacific, for A$10.4 billion.
Under the proposal, the minority shareholders of AXA Asia Pacific would receive at least A$6.43 per share in cash and AMP shares, equaling the offer earlier this year by National Australia Bank Ltd.
Australia's antitrust regulators blocked that deal on the grounds it would slash competition in the retail investment platform market.
Sydney-based AMP first made an A$11 billion offer for AXA Asia Pacific in November 2009, then improved the bid before being trumped by National Australia Bank's surprise US$13.3 billion offer last December.
The independent directors of AXA Asia Pacific said in a statement that they were considering the proposal, which they said was subject to the unanimous recommendation of the directors.
AMP chairman Peter Mason encouraged the AXA Asia Pacific directors to recommend the proposal, saying it represents "compelling value" for shareholders.
They would receive a "significant premium on the value of their shares along with the opportunity to participate in the ongoing earnings of a stronger and more competitive AMP," he said.
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