AXA FINANCIAL COMPLETES MONY ACQUISITION

AXA Financial, the holding company of French insurer AXA, has completed its acquisition of Mony Group, paying $1.48bn to secure the New York-based life assurer. AXA Financial president and CEO Kip Condron said yesterday that the merger “significantly enhances the scale of AXA Financial” and would “enable us to greatly expand our presence and influence in the US market for financial advice”. Under the terms of the deal, which was narrowly approved by Mony shareholders on May 18, each stockholder of Mony will receive $31 cash from AXA Financial plus a dividend of $0.34755 from Mony for each common-stock share held.