UPDATED Australian and New Zealand wealth manager AMP has made a $A13.3 billion offer for Australian-listed fund manager, Axa Asia Pacific (AXA AP).If successful, Axa AP's Australian and New Zealand businesses will go to AMP, while the Asian businesses wi
UPDATED Australian and New Zealand wealth manager AMP has made a $A13.3 billion offer for Australian-listed fund manager, Axa Asia Pacific (AXA AP).
If successful, Axa AP’s Australian and New Zealand businesses will go to AMP, while the Asian businesses will go to Axa AP’s majority shareholder, Axa SA of France.
The deal is essentially the same in nature as the one offered to Axa AP’s shareholders before it was upstaged by a competing offer from National Australia Bank late last year.
It involves Axa AP -- formerly National Mutual -- being offered 0.73 AMP shares for each share, plus a variable cash amount based on the target company’s weighted average share price over a 10-day period.
If the deal is successful, Axa AP’s minority shareholders will receive at least $A6.43 per share in value from AMP.
A combined AMP-AXA AP tie up already has the approval of the Australian Competition and Consumer Commission and the New Zealand Commerce Commission.
AMP first made an $A11 billion offer for Axa APH last November, then improved the bid before NAB hit the market with a $13.3 billion offer last December.
NAB’s overtures were blocked by the ACCC.
In 1995, National Mutual demutualised and Axa SA acquired 51% of the company. National Mutual listed on the Australian and New Zealand stock exchanges in October 1996 and adopted the Axa brand in 1999.
