AXA Group, a worldwide leader in Financial Protection, announced on 9 November, the launch of a Euro 2 billion rights issue. This rights issue will be used to seize future acquisitions opportunities primarily in high growth markets, including the potential buyout of minority interests in Central and Eastern Europe and the transaction proposed to AXA Asia Pacific Holdings, while maintaining a strong balance sheet.
The offering will be opened to the public in Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Spain, Sweden, Switzerland and United Kingdom.
The AXA Mutuelles, holding 14.29% of AXA’s share capital, have undertaken to exercise all of the preferential subscription rights attached to their shares. BNP Paribas and Schneider Electric, which hold, directly or indirectly, respectively 5.36% and 0.47% of AXA’s share capital, have indicated their intention to exercise all of the preferential subscription rights attached to their shares.
AXA has entered into an underwriting agreement with BNP PARIBAS, HSBC, Deutsche Bank, CALYON and Société Générale relating to the new shares not covered by the above-mentioned subscription commitments, representing 79.9% of the issue. This agreement is a performance guarantee (garantie de bonne fin) in accordance with Article L. 225-145 of the French Commercial Code.
Linklaters acted as counsel to AXA; the transaction involved eight Linklaters European offices, led by the Paris office. The Paris team included Séverin Robillard and Gilles Endréo, partners, assisted by Thomas Le Vert, Kim Lam, Max Turner, Julie Vernier and Agathe Senlecq.
Linklaters Paris office regularly acts for French and international investment banks, issuers and shareholders in relation to equity, equity-linked and debt offerings, listings and restructurings on stock exchanges in all the major trading centres of the world. The Paris Capital Markets team in Paris has recently advised on the rights issues of Saft, Compagnie de Saint-Gobain, Klépierre and EDF Énergies Nouvelles, preferred shares issues of Société Générale and BNP Paribas and on the Convertible bonds issues of Air France-KLM, Arcelor, Atos Origin, Peugeot, Publicis and Unibail‑Rodamco.
Linklaters Press Contact
- Solène Guesdon : (33) 1 56 43 59 69 - solene.guesdon@linklaters.com
