15 Nov 2010

AMP, AXA Asia Pacific in trading halt

4:49 pm on 15 November 2010

Trading in the shares of AMP and AXA Asia Pacific have been halted after the companies said they planned to merge.

AMP resumed talks with AXA Asia Pacific's parent, French insurer AXA, about a takeover earlier this month.

AXA Asia Pacific is back in AMP's sights after the failure of National Australia Bank's $12 billion bid for the company, which was blocked by Australia's competition regulator.

The Australian newspaper reports that AMP will make an offer that values AXA Asia Pacific at $A6.43 a share, or $A14 billion in total.

Under AMP's initial offer, AXA would have bought AXA Asia Pacific's Asian operations, while AMP would be left with the Australian and New Zealand operations.