French insurance company AXA, Australian wealth manager AMP Ltd. and AXA Asia Pacific Holdings Ltd. or AXA APH, signed an agreement that will allow AXA to buy 100% of the AXA APH’s Asian activities, AXA said Monday.
Earlier this month, AXA teamed up with Australian wealth manager AMP Ltd to launch a fresh $13.1 billion bid for AXA APH. AMP would keep the AXA APH’s assets in Australia and New Zealand, while AXA would take the assets in Asia.
AXA APH’s minority shareholders are likely to vote on the deal by the end of the first quarter of 2011. The planned takeover also needs the approval of Australian Treasurer Wayne Swan, and it remains subject to satisfactory completion of due diligence.
The Australian Competition and Consumer Commission has already given its blessing to AMP’s bid, having blocked an earlier offer for the company from National Australia Bank Ltd..
Source : Wall Street Journal Online
