3RD UPDATE: AMP Offers At Least A$13 Billion For AXA Asia Pacific
15 11월 2010 - 10:58AM
Dow Jones News
AXA Asia Pacific Holdings Ltd. (AXA.AU) said Monday it is
considering a new takeover proposal worth at least A$13 billion
from French parent AXA SA (AXAHY) and AMP Ltd. (AMP.AU).
A deal would be a coup for AMP, whose previous bid was rejected
in favor of an offer from National Australia Bank Ltd. (NAB) last
year. The NAB deal was later blocked by the competition regulator,
which said it wouldn't oppose a takeover of AXA APH by AMP.
AMP plans to keep the Australian and New Zealand assets of the
target and sell the Asian business to AXA SA for A$10.4 billion. A
deal with AXA APH is key to the global expansion strategy of AXA
SA, which wants to focus its growth in developing markets.
"The proposed transaction would deliver significant value to
both AXA APH and AMP shareholders by creating a wealth management
company with the scale and capability to offer greater competition
in a fast changing and high growth market," AMP said in a
statement.
Under the latest offer, AXA APH shareholders would receive cash
and shares with a value of at least A$6.43 a share. The offer
consists of 0.73 AMP shares and a variable cash amount based on
AMP's average share price for 10 trading days after the deal
becomes effective.
Exiting the Australian business would free the French company
from regulatory shackles on its Asian growth. As part of its
agreement with the Australian government in 1995 when it acquired a
51% stake in AXA APH's forerunner, National Mutual Life, AXA SA
agreed to use the business for all of its future Asian expansion
plans.
AXA APH's independent directors in December rejected AMP's
A$6.22-a-share cash and stock offer for the business as too low,
and said that the offer didn't include a big enough cash
component.
The floor on the new bid is equivalent to NAB's all-cash offer,
which was endorsed by the target's board.
AXA APH last traded at A$5.78 so the offer represents an 11%
premium to its last traded price. AXA APH shares return from
trading halt at 0135 GMT.
An external spokesman from AXA SA wasn't immediately available
for comment.
-By Rebecca Thurlow and Cynthia Koons, Dow Jones Newswires;
61-2-8272-4679; rebecca.thurlow@dowjones.com
(Lyndal Mcfarland in Melbourne contributed to this article.)
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