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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Axa Asia Fpo | ASX:AXA | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
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.)
1 Year Axa Asia Pacific Holdings Chart |
1 Month Axa Asia Pacific Holdings Chart |
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