AXA Asia Pacific (AXA) will go ex dividend on 16/8/2010. The current dividend payment is 9.25 cents and it is 10% franked. The record date is 20/8/2010 and the dividend will be paid on 13/9/2010. Based on the full year payment the dividend yield is 3.6%.
*Current Yield: 1.8% Franking: 10% DRP Discount: 2.5%
*Yield has been calculated on the closing price on the 5/8/2010. Current yield is based on the current dividend payment only.
National Australia Bank Limited (NAB) has agreed binding terms with the French parent company AXA (AXA), and AXA Asia Pacific Holdings Limited to purchase the Australian and New Zealand businesses of AXA APH for $4.6 billion1 as part of a proposal to acquire all of the shares in AXA APH. As part of the proposal AXA has agreed to purchase the Asian businesses of AXA APH for $9.4 billion, out of which the $0.7 billion AXA APH A&NZ debt to AXA will be repaid. NAB will therefore acquire AXA APH A&NZ without debt.
NAB will acquire AXA APH’s A&NZ wealth management and insurance businesses (including the Australian mature business). This includes the advice businesses of ipac, Genesys, AXA Financial Planning and Charter Financial Planning. NAB will be able to use the AXA trademark in Australia and New Zealand for a period of 2 years to assist with transition. Subject to agreeing new joint venture arrangements, NAB will retain AXA APH’s 50% interest in the AllianceBernstein Australia joint venture.
AXA will also offer to subscribe for $600 million of unsubordinated notes issued by National Wealth Management Holdings Limited (NWMH). The proposal is subject to AXA APH minority shareholder approval. The Independent Directors Committee of AXA APH unanimously recommended that AXA APH minority shareholders vote in favour of the NAB proposal, in the absence of a superior proposal and subject to a favourable independent expert’s opinion. The proposal is also subject to various other conditions and regulatory approvals, including the approval of the Federal Treasurer and that there is no objection to the merger from the ACCC or APRA. A break fee of $35 million is payable to NAB by AXA APH in certain circumstances.
Cameron Clyne, NAB Group CEO said: “I am pleased with the progress we have made in our proposal to acquire the Australian and New Zealand businesses of AXA Asia Pacific and agreement of binding terms with AXA is an important milestone. “MLC and AXA Australia and New Zealand are among the most trusted financial services brands in Australasia and collectively hold more than $149 billion in funds under administration and management2. “The proposal agreed today provides the opportunity to enhance the access to competitive wealth management products and services within Australia and New Zealand. It is also an attractive, strategically aligned opportunity that enhances NAB’s activities in the growing wealth management industry,” he said.
Under the terms of the proposal, AXA APH minority shareholders will have the option to receive either cash of A$6.43 per AXA APH share or A$1.59 in cash and 0.1745 NAB shares per AXA APH share (subject to potential adjustment if NAB conducts an equity raising). AXA APH shareholders who elect to receive the cash and NAB share consideration under the proposal will also be entitled to receive the value of NAB’s 2010 interim dividend.
AXA Asia Pacific (AXA) will go ex dividend on 1/3/2010. The current dividend payment is 9.25 cents and it is 25% franked. The record date is 5/3/2010 and the dividend will be paid on 26/3/2010. Based on the full year payment the dividend yield is 2.9%.
*Current Yield: 1.4% Franking: 25% DRP Discount: 2.5%
*Yield has been calculated on the closing price on the 18/2/2010. Current yield is based on the current dividend payment only.
National Australia Bank (NAB) today announced that it has agreed certain key terms with AXA Asia Pacific for NAB to acquire AXA AP’s Australian and New Zealand businesses. AXA AP’s independent directors will recommend to shareholders that they accept NAB’s proposal to acquire all of the shares in AXA AP on terms that value the Australian and New Zealand businesses at A$4.6 billion. MLC and AXA Australia and New Zealand are among the most trusted financial services brands in Australasia, and collectively hold more than A$144.3 billion in funds under administration and management. Under the terms of the Proposal, AXA AP shareholders (other than AXA SA and its subsidiaries) will have the option to receive either A$6.43 per share in cash; or A$1.59 in cash and 0.1745 NAB shares for each AXA AP share. In addition, AXA AP shareholders will receive up to 9.25 cents dividend for their AXA AP shares in relation to the second half 2009 results. The shares issued under the Proposal will also be entitled to receive NAB’s interim dividend payable in July 2010. The Proposal will provide AXA AP shareholders with the certainty of an all cash option. The Proposal will also offer AXA AP shareholders (other than AXA SA and its subsidiaries) the flexibility to receive part of their consideration in NAB shares and participate in the benefits of the combined business. The consideration is proposed to be funded from a combination of an equity raising of approximately A$1.5bn, the scrip offer and existing capital resources.
NAB will acquire 100 per cent of AXA AP’s shares, valuing the Australian and New Zealand businesses at A$4,610 million. AXA AP shareholders (other than AXA SA and its subsidiaries) will have the ability to elect to receive consideration of $6.43 in cash or A$1.59 in cash and 0.1745 NAB shares for each AXA AP share.
Commenting on the transaction, NAB CEO Cameron Clyne said: “The proposed merger of our Wealth business and AXA Australia and New Zealand would combine two successful and highly complementary businesses, and will achieve attractive scale benefits in the Australian superannuation, retirement income and insurance markets. The Proposal is consistent with NAB’s strategy of growing its wealth management franchise, most recently demonstrated through the acquisitions of Aviva Australia and a strategic alliance with JB Were. Indeed, integrating these businesses and AXA Australia & New Zealand is expected to deliver substantial synergy benefits and will provide a better outcome for customers and advisers, with access to a broader range of quality investment and insurance products.” NAB Group Executive NAB Wealth and MLC Australia, Steve Tucker said: “The acquisition of AXA AP’s Australian and New Zealand business would be a transformational step in our journey to deliver the best possible wealth products and services to our clients and advisers. The Proposal will significantly grow our number of aligned advisers as well as enhance our relationships in the external financial adviser (EFA) market and we are committed to supporting them with quality insurance and investment products.”
NAB has bought the Australian and New Zealand businesses of AXA Asia Pacific.
While the details are still sketchy, the AFR believes NAB’s offer was $6.43 per share in cash, or $6.50 per share in cash and stock.
On Monday, AXA received a revised offer of $6.22 from AMP and AXA SA, a follow up to November’s rejected offer.
NAB is due to hold a press conference shortly.
National Australia Bank
ASX Code: NAB
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AXA Asia Pacific Holdings has turned down an unsolicited takeover offer from insurer AMP, working in partnership with AXA SA.
The proposed conditional scheme allowed for AMP to acquire the 53% stake held by AXA APH’s French parent, AXA SA.
Shareholders would have been paid $1.3796 for each AXA APH share, and would also have received 0.6896 AMP shares, altogether amounting to $5.34 a share.
AXA APH has rejected on the grounds that it undervalues the business, and does not take into consideration the prospects of growth from the Asian operations.
The New Zealand stock exchange announced this morning that AMP Ltd has been placed in a trading halt, pending a material announcement.
AXA Asia Pacific
ASX Code: AXA
AMP
ASX Code: AMP
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AXA Asia Pacific (AXA) will go ex dividend on 17/8/2009. The current dividend payment is 9.3 cents and it is 30% franked. The record date is 21/8/2009 and the dividend will be paid on 24/9/2009. Based on the full year payment the dividend yield is 4.2%.
Current Yield: 2.2% Franking: 30% DRP Discount: 2.5%
*Yield has been calculated on the closing price on the 11/8/2009. Current Yield is based on the current dividend payment only.
AXA Asia Pacific Holdings Limited (AXA) today announced that it will raise a minimum of A$660 million by:
Further details of the SPP and Top-Up Offer will be provided to eligible shareholders shortly.
http://www.axaasiapacific.com.au/axaaph/axaaph.nsf/Content/Home
AXA Asia Pacific Holdings Limited (AXA) today announced that it will raise a minimum of A$660 million by:
Further details of the SPP and Top-Up Offer will be provided to eligible shareholders shortly.
http://www.axaasiapacific.com.au/axaaph/axaaph.nsf/Content/Home
