Amundi Loses Axa Acquisition to BNP Paribas, Threatening Its European Asset Management Crown
By
Claudia Cohen, Leonard Kehnscherper, Silla Brush
15d ago· 1 min readenNews
Summary
Amundi SA, Europe's largest asset manager, lost its bid to acquire Axa SA's fund unit after CEO Valerie Baudson deemed the economics unfavorable. Rival BNP Paribas SA stepped in and bought Axa Investment Managers, creating a major competitor that will more than double BNP's assets under management and challenge Amundi's dominant position in Europe.
Source
bskyAmundi Loses Axa Acquisition to BNP Paribas, Threatening Its European Asset Management Crownbloomberg.comKey quotes
· 3 pulledValerie Baudson couldn't be swayed.
The chief executive officer of Amundi SA, Europe's largest asset manager, had been looking at Axa SA's fund unit for about a year, but the economics just didn't make sense.
With talks at a standstill, cross-town rival BNP Paribas SA seized the opportunity, buying Axa Investment Managers to more than double the money it oversees and create a major competitor in Amundi's backyard.
Amundi became Europe’s largest fund firm with the help of acquisitions. But after years without a major takeover, rivals are catching up.
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