French insurer Axa and Australia's AMP have launched one of Asia's biggest unsolicited takeover bids of the year, tabling a joint A$11bn (US$10.2bn) offer for Axa's majority-owned Asian business.
The bid, which was rejected by Axa Asia Pacific as inadequate, signalled the French company's intent to expand its presence in some of the world's fastest-growing emerging markets. It marked the second time in five years that it has tried to buy the Asian business outright.
Rick Allert, chairman of Axa Asia Pacific, in which the French insurer holds a 53.9 per cent stake, said that the offer was too low and failed to reflect fully the prospects for its high-growth operations.
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