Key Developments: Axa SA (AXAHY.PK)
21.50USD
18 Jun 2013
$0.36 (+1.71%)
$21.14
$21.16
$21.57
$21.16
156,258
113,329
$21.57
$10.56
Latest Key Developments (Source: Significant Developments)
Befimmo SCA Signs Contribution Agreement with Axa SA's Axa Belgium SA for AMCA Building Paid with Its 2,037,037 New Shares
Befimmo SCA announced that it signed with Axa SA's Axa Belgium a contribution agreement for the AMCA building in Antwerp, including approximately 58,000 square meters of office space, 1,500 square meters of archives, and 500 parking spaces. The building's conventional value has been set at EUR 110 million. The full ownership contribution of the AMCA building will result in an increase in Befimmo SCA's shareholders' equity by an amount of EUR 110 million and will be paid for by the granting of 2,037,037 new shares of Befimmo SCA, to be issued upon a capital increase completed within the authorised capital, which will take place at the contribution deed. The issue price of these new shares was set at EUR 54.00 per share. The new shares will have the same rights and benefits as existing shares, including participation in the full dividend for the current fiscal year. They will be listed in NYSE Euronext Brussels in July 2013. Full Article
Fosun International Ltd, Axa SA's Axa Private Equity and Club Mediterranee SA Management Propose Public Tender Offer for Club Mediterranee SA Shares-Reuters
Reuters reported that Fosun International Ltd, Axa SA's Axa Private Equity and the management of Club Mediterranee SA are proposing a public tender offer for Club Mediterranee SA's shares. The bid values the Company at EUR 541 million. The offer is to be EUR 17 per share, 23% above the closing price on May 24, 2013. Full Article
Axa SA's AGM Approves FY 2012 Dividend
Axa SA announced that its Annual General Meeting approved the payment of a EUR 0.72 dividend per share for the fiscal year 2012 to be paid on May 14, 2013 (ex-dividend date: May 9, 2013) – dividend per share was EUR 0.69 for fiscal year 2011. Full Article
Axa SA Announces Agreement to Buy 50% of Chinese Property & Casualty Insurance Company, Tian Ping
Axa SA announced that it has entered into an agreement with Tian Ping Auto Insurance Company Limited (Tian Ping) shareholders to acquire 50% of the company. Under the terms of the agreement and subject to regulatory approval, Axa will buy 33% of the company from Tian Ping's current shareholders for RMB 1.9 billion (or EUR 237 million) and subscribe to a dedicated capital increase for RMB 2.0 billion (or EOR 248 million) to support future growth. Axa and Tian Ping's current shareholders will jointly control Tian Ping. Tian Ping has Property & Casualty licenses covering most Chinese provinces as well as a direct distribution license covering all these provinces and is mainly focusing on motor insurance. Full Article
Axa SA Makes 450 Financial Consultants Redundant at UK Joint Venture-Reuters
Reuters reported that Axa SA has made 450 financial consultants redundant at a joint venture in the United Kingdom. Axa Sa will no longer offer financial advice to clients of its banking partners Co-operative Banking Group and Clydesdale and Yorkshire Banks. Full Article
Protective Life Corp to Acquire MONY and Reinsure Certain Policies of MLOA for $1.06 Billion From AXA SA
Protective Life Corp announced that its principal subsidiary, Protective Life Insurance Company (Protective Life), has signed an agreement with certain subsidiaries of AXA SA to acquire MONY Life Insurance Company (MONY) and reinsure certain policies of MONY Life Insurance Company of America (MLOA). Assuming a closing date of October 1, 2013, the purchase price paid to AXA is estimated to be approximately $1.06 billion, including statutory capital and surplus of approximately $303 million. The total capital investment by Protective is estimated to be approximately $1.09 billion. The transaction will be subject to customary post-closing adjustments. The transaction is expected to close in the second half of 2013. Prior to the closing, AXA will cause MONY to transfer its subsidiaries, MLOA, U.S. Financial Life Insurance Company, MONY International Holdings, LLC and MONY Financial Services, Inc., none of which are being sold to Protective as part of the acquisition, to another subsidiary of AXA. Protective plans to service the acquired business through the existing workforce and administrative platform in Syracuse, NY that is currently being used by AXA to service the business. The benefits provided for in the acquired policies will not be impacted by the transaction. Willkie Farr & Gallagher LLP and Barclays PLC served as advisors to Protective during the transaction and PricewaterhouseCoopers LLP provided tax advisory services. Full Article
Axa SA Announces Terms of Share Repurchase Program
Axa SA announced the terms of share repurchase program that will be submitted for approval at the annual general meeting on April 30, 2013. As part of the program, the Company will be able to buy back up to 10% of its share capital, representing 238,861,098 shares at a maximum price of EUR 35 per share. Taking into account, the shares already held, the Company will be able to buy back up to 236,814,940 shares as part of the program. The program will last for 18 months from the date of the annual general meeting. Full Article
Axa SA to Sell Its French Assets and to Sell Stake in Its AXA Private Equity
Axa SA announced that it has decided to sell portion of Axa SA's French real estate holdings, which include offices, shops, and commercial buildings, over the next two years, 2013 and 2014. Accordingly, the Company announced that it also expects to earn EUR 200.00 million (USD 259.94 million) of capital gain from a management buyout of its private-equity unit, as the Company has agreed to a deal that will leave it with a 26.9% stake in AXA Private Equity (AXA PE), while the unit's management and staff will own 40%. The proposed deal values AXA PE at EUR 510.00 million and is pending approval from staff representatives and regulatory authorities. Closing is due before the end of September 2013. Full Article
Axa SA's Private Equity Arm Raises EUR1.75 Billion-Reuters
Reuters reported that The private equity arm of French insurance giant AXA SA has raised EUR1.75 billion for investments in European infrastructure, in a further sign of buoyant demand for road, rail and energy assets. Full Article
Axa SA Announces FY 2012 Dividend-Reuters
Reuters reported that Axa SA raised its dividend for fiscal year 2012 by 4% to EUR 0.72 a share Full Article
AXA, Commerzbank create mid-cap financing venture
PARIS, June 6 - French insurer AXA and German bank Commerzbank announced a financing partnership for mid-sized companies on Thursday, as insurers boost lending to corporates in a low-interest-rate environment.
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