The supervisory board of AXA and the board of directors of FINAXA have announced their proposed merger.
A statement today said the merger would “simplify” shareholder structure.
Holding company FINAXA already has a 17.36% shareholding in AXA.
It is anticipated that all the 336 million AXA shares owned by FINAXA would be cancelled after the merger, a statement said.
Standard & Poor's (S&P) said the merger would not affect AXA's ‘A' financial strength rating.
