AMP to bid for Axa Asia: Bloomberg

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AMP plans to bid almost 7 billion euros for Axa Asia Pacific Holdings, Bloomberg reported, citing French financial information service Wansquare.

AMP and related entities were halted from trading on the NZX today.

The bid would exceed Axa's current share price by more than 30 percent, according to the report.

Axa shares traded at A$4.30 on the ASX on Friday, valuing the company at A$8.9 million (5.5 million euros) and have gained 2 percent in the past month.

Under the proposal, Amp would keep Axa's Australian and New Zealand operations and sell the company's Asian assets back to the French parent company, AXA SA, the report said. AXA owns 53 percent of Axa Asia Pacific.

AXA would receive 3.5 billion euros from the transaction and then buy back fast-growing assets in China, India and Malaysia for 5 billion euros, according to the report. 

-BUSINESSWIRE