AMP to Bid EU7 Billion for Axa Asia Pacific, Wansquare Reports
Nov. 8 (Bloomberg) -- AMP Ltd., Australia’s biggest provider of pension plans, is planning to bid almost 7 billion euros ($10.4 billion) for Axa Asia Pacific Holdings Ltd., Wansquare reported, without saying where it got the information.
The bid would be more than 30 percent above Axa Asia Pacific’s current share price, Wansquare said. In the event of a successful bid, AMP would keep the Australian and New Zealand opreations and sell the company’s Asian assets back to Axa Asia Pacific’s French parent company, AXA SA, the report said.
AXA SA would get 3.5 billion euros from the transaction and then buy back the fast-growing businesses in China, India, Malaysia and other markets for 5 billion euros, the report said. AXA currently holds 53 percent of Axa Asia Pacific and has been barred from owning 100 percent of the unit, the report said. http://www.bloomberg.com/apps/news?pid=20601087&sid=a8paAvCdeL.s&pos=4
AXA Price at posting:
$4.30 Sentiment: None Disclosure: Not Held
