AXA SA, AMP Say Haven't Withdrawn Or Modified AXA APH Bid

French insurer AXA SA (AXA) Thursday said that it hasn't modified or withdrawn its joint takeover proposal with Australian wealth manager AMP Ltd. (AMP.AU) for AXA Asia Pacific Holdings Ltd. (AXA.AU).

"At this stage, AXA and AMP haven't withdrawn or otherwise modified their joint proposal, which remains open and valid in all respects," AXA said.

AXA APH Wednesday met with investors to detail their argument that the A$12 billion cash-and-shares offer undervalues the company.

"AXA confirms that the independent committee of AXA APH's board of directors rejected the joint proposal on Nov. 9 and, to date, hasn't been willing to engage in any discussions or clarifications with respect to the terms of the joint proposal," AXA said Thursday.

Company Web site: www.axa.com

-By William Horobin, Dow Jones Newswires; +33 1 4017 1740; william.horobin@dowjones.com

(Rebecca Thurlow in Sydney contributed to this article.)

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