AXA and BNP Paribas have signed an agreement to maintain their close relationship and their minimum cross-shareholdings.
In a statement, the two groups said they had “reaffirmed their desire to continue to develop industrial co-operation”. They added they would do this while respecting the differences between their types of business and the independence of their corporate structures.
BNP Paribas owns 4.9% of AXA and AXA has a 22.25% stake in BNP Paribas through Finaxa.
The companies said the new agreement grants each party a call right should control in either group change. Also, both groups would be “discharged from their minimum cross-shareholding obligations” if there was ever a public offer for either of them.
