AXA has made a conditional proposal to buy out the minority interests in AXA Asia Pacific Holdings (AXA APH).
AXA currently holds, directly and indirectly, a 51.66% stake in AXA APH.
AXA group chief executive Henri de Castries, said: “This transaction would allow AXA to further increase its exposure to the Asia-pacific region, to further enhance its earnings diversification and to be in a better position to seize external growth opportunities if they arise.
“We believe AXA APH has developed in this region into a successful model of wealth management, completely in line with AXA's positioning in financial protection, which provides us with a good platform for further developments.”
The group has offered AUS$3.75 for each AXA APH share, adjusted for any dividends and distributions made by AXA APH. The consideration would consist of 50% cash and 50% AXA shares, said the group, totalling approximately €1.8bn.
AXA said the proposed purchase was at a preliminary stage and was being evaluated by a committee of AXA APH's independent directors.
