UK competition watchdog to not refer AXA-Phoenix deal for further probe
Reuters
Published Aug 02, 2016 10:57
UK competition watchdog to not refer AXA-Phoenix deal for further probe
(Reuters) - Britain's competition watchdog said it would not refer French insurer AXA's (PA:AXAF) sale of its UK investment and pensions business to Phoenix Group (L:PHNX) for further investigation.
The Competition and Markets Authority (CMA) said last month that it was considering whether the proposed deal could lead to a cut in competition in UK markets.
AXA said in May that it would sell the business to Phoenix, Britain's largest owner of life assurance funds closed to new customers, completing a well-flagged exit from a mature life assurance market to focus on faster-growing emerging economies.
Phoenix said it would pay 375 million pounds in cash to close the deal, and that it will add 12.3 billion pounds of assets under management and more than 910,000 policies.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.