AXA and AMP in A$13.3bn bid for AXA Asia Pacific

French insurance giant Axa and Australian asset manager AMP have made an A$13.3bn bid for Axa Asia Pacific.

The offer, which would be Australia's largest financial services takeover in two years, is more than a 10% premium to Axa Asia Pacific's last traded price. Axa, which already owns a 54% stake in the group, would take over rest of the Asian operations - while AMP is paying A$4.15bn for the Australian and New Zealand operations. Buying the Axa Asia Pacific operations would increase AMP's assets under management by more than a third and almost double its financial advisers in Australia and New Zealand. The current bid from AMP and AXA is A$539m higher than the duo's previous offer in...