AMP teams with AXA SA in renewed offer for AXA Asia Pacific

Monday 15th November 2010

AMP has teamed with AXA SA of France in a renewed takeover proposal for Australia's AXA Asia Pacific, valuing the target at A$13.3 billion.

Under the proposed scheme of arrangement, minority shareholders of AXA AP would get at least A$6.43 a share in stock and cash, according to a statement from AXA AP. The offer is for 0.73 AMP stock and a variable amount of cash, based on the weighted average trading price of AMP's shares.

Shareholders of AXA AP would also be entitled to a final dividend of up to 9.25 cents a share, if such a payment is declared. They would not get AMP's final dividend payment.

Under the proposal, AMP would acquire all of AXA AP, merge its Australian and New Zealand operations with its own, and divest the Asian businesses to AXA SA. The target company's independent directors are reviewing the proposal and will provide an update to AXA AP shareholders once the review is complete.

AMP is renewing its efforts to acquire the rival after being trumped by a A$13.3 billion offer from National Australia Bank. The lender's proposal was subsequently knocked back by Australia's antitrust regulator.

Shares of AMP jumped 17 cents to $6.80 on the NZX on Friday. AXA AP was last at A$5.78 on the ASX, valuing the company at A$11.9 billion. The shares were halted today for the announcement.

Businesswire.co.nz

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