Monday 15 November 2010 8:39 pm

AMP and Axa offer £8.2bn in a second bid for Axa’s Asian unit

AUSTRALIAN wealth manager AMP launched a fresh £8.15bn bid for Axa Asia Pacific Holdings yesterday in a joint deal with French parent Axa, a year after its original approach. The move comes after rival bidder National Australia Bank pulled out of a deal to buy Axa’a Asian unit after the Australian competition regulator blocked the deal. The complex deal will allow Axa to exit Australia and help it to focus on its stated goal of growing in Asia, where businesses in eight countries contributed 60 per cent of its operating earnings in the first half of 2010. AMP will pay A$4.15bn (£25.6bn) for Axa Asia Pacific’s Australian and New Zealand business, while Axa will pay A$10.4bn for the Asian assets, including taking over A$1.3bn in debt.