Axa has Resumed Negotiations With AMP

TheĀ  French insurance company, Axa, has resumed negotiations with the Australian insurer AMP on the acquisition of its subsidiary AXA APH. This occures two months after the withdrawal of the National Australia Bank (NAB), said AXA APH in a statement posted on the website of the Australian Stock Exchange ASX.

In response to information published Thursday in The Tribune, AXA APH “confirms that it was informed of discussions between AXA and AMP about their interest in the acquisition of its activities,” the statement said.

Questioned by AFP, Axa has neither confirmed nor denied the information.

Axa currently holds 53.9% stake in AXA APH.

Axa is trying to find a partner to acquire the entire share capital of AXA APH. In a second step, the partner would sell him the Asian operations of the subsidiary, just to keep the Australian and New Zealand part running.

A year ago almost to the day, AMP had made a first offer agreement with Axa, a proposal rejected by the Board of Directors of AXA APH, which led AXA and AMP to raise their offer.

But the council had preferred the proposal of NAB, Australia’s third largest bank, which included an option entirely in cash. After an unfavorable opinion of the Competition Authority, NAB finally withdrew its offer in mid-September.

To finance the purchase as well as other operations, in November 2009, Axa made a capital increase of two billion euros.”

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