Axa plans Asian push with 2bn rights issue

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

However, it immediately ran into difficulty as a major part of the move was rejected by the group's independent directors.

As a central tenet of the deal, Axa's parent company, Axa SA, had teamed up with AMP, the Australian insurer, to launch a bid for its separately-quoted Axa Asia Pacific Holdings division.

The deal would have seen the parent company able to reap more profits directly from Asia, as it currently only owns 54% of Axa APH. It was the second time it has attempted to buy back the business which is quoted on the Sydney stock exchange.

Analysts said they were not surprised at the knockback, saying the deal had been priced way too low.

"This offer is not anywhere near acceptable, " said Rob Patterson, at Argo Investments, which owns Axa APH shares. "It looks pretty low ball. The Asia business of Axa Asia Pacific is a growth option."

Shares of the subsidiary rocketed 33% in the hope of a higher bid.

Axa APH chairman Rick Allert said he won't accept an offer at these levels.

"If they come back, then we'll look at whatever they come back with," he said.