Axa Asia Pacific receives £8bn bid

first_imgMonday 15 November 2010 2:36 am whatsapp John Dunne Australian wealth manager AMP and French insurer AXA launched a new $13.1bn-plus (£8.1bn) bid for AXA Asia Pacific, a move set to challenge banks’ domination of the world’s fourth-largest wealth market down under.A deal would put AMP at the top of Australia’s $1.2 trillion wealth management market, and end one of Asia’s largest takeovers that has dragged on for a year.It would also allow AXA to exit Australia and help it to focus on its stated goal of growing in Asia, where businesses in eight countries contributed 60 per cent of its operating earnings in the first half of 2010.In a complex stock and cash deal, AMP will pay A$4.15bn for AXA Asia Pacific’s Australia and New Zealand business, while AXA SA will pay A$ 10.4bn for the Asian assets, including taking over A$1.3bn in debt.“This should eventually close the deal,” said Tom Elliot, managing director at Melbourne-based hedge fund MM&E Capital. “The AXA Asia board has no other bidders and the deal meets the price they want. The only issue is it is heavily scrip-based.” Share Tags: NULLcenter_img Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com whatsapp Axa Asia Pacific receives £8bn bid Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wraplast_img

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