MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, June 9, 2004 AXA on the Acquisition Trail Claude Bébéar, founder and chairman of AXA, said the company is interested in more acquisitions, and money is no object. The comments, made at a conference in Marrakech, Morocco on Monday, were reported by the Financial Times. "We are back on the acquisition trail and we are very, very interested in the US," Mr Bébéar said. "We will invest mainly in the US and in western Europe," reported the FT. The firm will hit the trail after the close of its acquisition of MONY, expected to happen in the late second or third quarter. Shareholders approved the acquisition of MONY, a New York-based life insurance provider and distributor, in May. Spokesman Christophe Dufraux emphasized that the company has "one line of business -- financial protection," which includes insurance and asset management. Dufraux said that the company's interest in acquisitions is nothing new and that the company is also known for its focus on internal growth, adding that the Financial Times reporter overemphasized the acquisition aspect of Bébéar's speech. Dufraux also added Asia to the list of potential markets for growth or acquisition, but said acquisitions "are not easy to come by." Bébéar said that the group had a few billion euros to spend on acquisitions, and that "it's not the cost of the acquisition that would stop us." The firm would also be willing to raise capital through borrowing or share swapping, the FT reported. Printed from: MFWire.com/story.asp?s=7371 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |