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AMP: AXA deal price must be economically responsible

Mon Nov 16, 2009 8:08pm EST

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MELBOURNE, Nov 17 (Reuters) - Australian life insurer AMP Ltd (AMP.AX) said on Tuesday its joint proposal with French insurer AXA SA (AXAF.PA) to acquire AXA Asia Pacific Holdings (AXA.AX) only makes sense at a price that is economically responsible.

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"We're a very financially disciplined company and will remain so," Chief Executive Craig Dunn said in a speech to be delivered at a business lunch in Melbourne.

AXA Asia Pacific last week rejected a cash and share offer from AMP worth A$12 billion ($11 billion) based on Tuesday's price. As part of the bid, AMP agreed to sell AXA Asia Pacific's Asian arm to its French parent for around A$7.7 billion. (Reporting by Sonali Paul)

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