PARIS/LONDON - BNP Paribas' talks to buy the investment business of insurer AXA will trigger more deals, bankers say, as European money managers seek to fend off U.S. rivals and as customers demand cheap technology-driven investing.
Compounding this challenge, European funds have recently found it tough to maintain returns in volatile markets, while high price inflation in the region also drove up their costs. After a slow build-up, talks accelerated over the past few weeks, culminating in conversations between BNP and AXA - led by BNP CEO Jean-Laurent Bonnafé and AXA CEO Thomas Buberl - that finalised the deal, said one of the people.
The takeover is BNP's third largest deal ever, and would be the tenth biggest unveiled so far in Europe this year across all sectors, based on LSEG data, as M&A activity hots up after a lackluster 2023.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BNNBloomberg - 🏆 83. / 50 Read more »