AXA To Buy 100% Of Its Asian Unit In Net €1.1B Deal

Law360, New York (November 9, 2009, 4:20 PM EST) -- French insurer AXA Group will buy up 100 percent of its Asian arm and shed its Australian and New Zealand units in a net €1.1 billion ($1.6 billion) deal, the company has said.

AXA and Australian financial services group AMP submitted a joint offer to the AXA Asia Pacific Holdings board on Friday.

If approved, the offer would ultimately see AXA acquire the 46 percent of AXA APH's Asian operations that it does not own. The company would sell its 54 percent stake in its Australia...
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