RSS feedAMP
’Byzantine insurance sagas: Axa-ed
It’s not quite on the level of the Pru’s ill-fated $35.5bn (reduced to $31.38bn) attempt to acquire AIG’s main Asian unit in 2010.
But to anyone who has followed – even in passing – one of the most Byzantine takeover sagas in the insurance world,
NAB gets Axa-ed, and AMP-ed, Down Under
At long last. The interminable — and fiendishly complicated — saga of the battle for Axa Asia Pacific Holdings (Axa APH) is approaching a finale. Or so it seems.
As Reuters reports on Monday:
Australian wealth manager AMP and French insurer AXA SA launched a new $13.1bn-plus bid for AXA Asia Pacific,
Snap news
Breaking pre-market news on Monday,
- AXA and AMP join forces to make $13.1bn offer for AXA Asia Pacific Holdings — statement.
- BHP Billiton to complete $13bn buyback programme — statement.
- Persimmon says did not experience normal autumn increase in visitor levels — statement.
M&A hots up in Asian insurance
Insurance – and particularly life insurance – has become one of Asia’s hotbeds for M&A activity. Here are just some of the deals or bids reported in the last month or so alone:
The biggest – and as yet unresolved – bid is the unsolicited A$11bn ($10.2bn) bid by Axa and Australia’s AMP on November 9 for Axa’s majority-owned Asian business,
Axa and AMP: High-stakes takeover game Down Under
It’s not in the league of Chinalco’s $19.5bn bid for a stake in Rio Tinto, but Asia’s largest unsolicited takeover offer of the year could be about to get larger, if analysts and investors are proved correct.
Axa, AMP, may sweeten AAP bid
Axa and Australian wealth manager AMP may sweeten their joint bid for Axa Asia Pacific to about A$12.4bn ($11.6bn) after a first offer of A$11bn was rejected on Monday, say Citigroup analysts, reports Bloomberg.
Axa Asia Pacific rejects $10bn bid
Axa Asia Pacific, the Australian-listed asset manager, on Monday rejected an A$11bn ($10.2bn) takeover bid from Australia’s AMP, saying on Monday the cash and shares proposal undervalued its business.
Bidders pitch for Australian Aviva arm
Bankers to Aviva have received first-round bids for the UK insurance group’s A$1bn ($778m) Australian life assurance business. The auction of Aviva’s Australian assets is now down to a handful of bidders,