AXA Receives 5 Bids For Private-Equity Arm - Source

AXA SA (CS.FR) received five bids for its private-equity arm by Monday's deadline, a person familiar with the situation told Dow Jones Newswires on Tuesday.

Kohlberg Kravis Roberts & Co., BlackRock Inc. (BLK), Canadian asset manager Onex Corp. (OCX.T), Caisse des Depots et Consignation, a state-owned French bank, and Government of Singapore Investment Corp., the Singapore sovereign wealth fund all submitted first-round bids.

Other potential bidders that haven't yet had a chance to meet management may submit bids in the next few days, the person said.

AXA has hired Credit Suisse Group (CS) to handle the sale of its private-equity arm, which manages $28 billion in assets and could fetch more than GBP300 million.

There is also a possibility that the French insurance giant will retain a minority stake in the business.

-By Marietta Cauchi, Dow Jones Newswires; [phone]; [e-mail]