AXA APH rejects $10b bid

MELBOURNE: Australian insurer AXA Asia Pacific Holdings Ltd said yesterday it had rejected a $10 billion takeover bid from AMP Ltd and its French parent, AXA SA.

The cash and share offer would have been among Asia's biggest takeovers this year and resulted in the break up of AXA Asia Pacific, the Australian unit of giant French insurance company AXA SA.

AXA Asia Pacific Chairman Rick Allert said the company's independent board committee agreed unanimously that the proposal, amounting to A$11 billion ($10.13 billion), significantly undervalued the company.