AXA Receives 5 Bids For Private-Equity Arm - Source
October 04 2011 - 8:26AM
Dow Jones News
AXA SA (CS.FR) received five bids for its private-equity arm by
Monday's deadline, a person familiar with the situation told Dow
Jones Newswires on Tuesday.
Kohlberg Kravis Roberts & Co., BlackRock Inc. (BLK),
Canadian asset manager Onex Corp. (OCX.T), Caisse des Depots et
Consignation, a state-owned French bank, and Government of
Singapore Investment Corp., the Singapore sovereign wealth fund all
submitted first-round bids.
Other potential bidders that haven't yet had a chance to meet
management may submit bids in the next few days, the person
said.
AXA has hired Credit Suisse Group (CS) to handle the sale of its
private-equity arm, which manages $28 billion in assets and could
fetch more than GBP300 million.
There is also a possibility that the French insurance giant will
retain a minority stake in the business.
-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241;
marietta.cauchi@dowjones.com
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