National Australia, AXA Shake Hands On $12.2B Deal

Law360, New York (March 30, 2010, 4:02 PM EDT) -- French insurance and financial services conglomerate AXA SA has reached an agreement to sell its Australian and New Zealand wealth management business and boost its own Asian holdings in a complex deal with National Australia Bank Ltd. valued at about $12.2 billion.

AXA announced on Tuesday that it had accepted National’s proposal, which topped earlier bids from another Australian financial services company, AMP.

Under the deal, National would buy 100 percent of the stock in AXA Asia Pacific Holding Ltd., including AXA’s own 54 percent stake...
To view the full article, register now.