AMP resumes talks with AXA SA: report
http://www.businessspectator.com.au/bs.nsf/Article/AMP-resumes-talks-with-AXA-SA-report-pd20101104-AV8XU?OpenDocument
Published 5:19 PM, 4 Nov 2010
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By a staff reporter
AMP Ltd has resumed talks with French insurer AXA SA on a carve-up of local wealth manager AXA Asia Pacific Ltd, according to French media.
La Tribune reports that AXA SA, which holds a majority stake in AXA Asia Pacific, has started sale talks with AMP.
The local wealth managers declined to comment. AXA SA could not be immediately contacted.
AMP late last year inked a deal with AXA SA, in which it would end up with AXA Asia Pacific's Australasian business, while the French group would acquire the fast-growing Asian business.
The deal, which won approval from the competition regulator, was dumped however when AXA SA struck a sweetened agreement with National Australia Bank Ltd, which was keen to boost its wealth management footprint.
The Australian Competition and Consumer Commission rejected the NAB/AXA SA tie-up for a second time just months ago.
amp resumes talks
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