$5bn Axa bid talk gets tongues wagging
Speculation over the weekend that Axa is about to launch a £5bn bid for Swiss group Winterthur met with a sceptical response from one analyst this morning. Keefe, Bruyette and Woods' William Hawkins issued a statement, claiming it was 'not unusual' for bid reports to emerge off the back of a planned initial public offering. Winterthur is currently in the process of being spun out from parent group Credit Suisse.
The KBW report explained: "It is not unusual for a bid report to emerge during an IPO process to help the selling shareholder crystallise a good price. Given that AXA has probably been in the
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