CORRECTED - CORRECTED-CORRECTED-UPDATE 4-France AXA eyes Asia growth with ta

(Corrects per share price in paragraph 13 to A$5.43 from A$5.34, which was per share value at Thursday's close)

* Paris-based AXA SA plans 2 bln euro rights offer

* Offer values target firm at $10.3 billion

* AXA SA would get Asia assets

* AMP would get Australasian assets

* AXA Asia Pacific shares surge 33 pct after rejecting offer (Recasts lead)

By Denny Thomas

SYDNEY, Nov 9 (Reuters) - AXA Asia Pacific rejected a $10.3 billion bid from parent AXA SA (AXAF.PA) and Australian rival AMP Ltd (AMP.AX) on Monday, an initial hurdle for the French insurer's bold ambitions to expand in Asia.

AXA SA, Europe's second-largest insurer it would raise $3 billion to buy out its Asian assets in a two-stage deal which would see AXA Asia Pacific sold to AMP, then divided on geographical lines with the Australian firm keeping the Australia and New Zealand assets and selling the Asian assets back to AXA SA.

But AXA Asia Pacific's (AXA.AX) independent directors rejected the main plank of the deal saying the deal "significantly undervalued" the company.

AXA SA had tried to buy out the minorities in AXA Asia Pacific five years ago but was knocked back.

"They've obviously wanted to have at least some of the assets of AXA Asia Pacific for some time. They wanted to do it cheaply before and they're probably wanting to do it cheaply again," said Ross Barker, managing director of Australian Foundation Investment Co.

AXA Asia Pacific shares jumped 30 percent on news of the takeover bid, with the market punting on AMP and AXA improving the offer.

AXA SA holds its Asian operations through its stake in Australia-based AXA Asia Pacific Holdings but now wants to own these assets outright, doubling its exposure to Asian life insurance savings, including in China and India.

"The proposal has been received against the backdrop of recent weakness in global financial markets and before the growth of our Asian operations is fully reflected in our profitability," AXA Asia Pacific Chairman Rick Allert said in a statement.

With the buyout, AMP would buy all of the shares in the Asia Pacific unit, including the parent's 53 percent stake in a deal worth $10.3 billion, and then sell AXA Asia Pacific's Asian assets back to the French parent.