AXA, BBVA Realign Spanish Shareholdings

December 29, 2000

France’s AXA and the Spanish financial group Banco Bilbao Vizcaya Argentaria have realigned their cross shareholdings in several joint ventures.

France’s AXA and the Spanish financial group Banco Bilbao Vizcaya Argentaria have realigned their cross shareholdings in several joint ventures.

AXA will buy out BBVA’s 30 percent stake in Spanish life insurer AXA Aurora for €205 million ($189 million), giving it 100 percent of the shares; while BBVA will pay AXA Aurora €7.5 million ($7 million) for an additional 21.4 percent stake in Hilo Direct Seguros, a joint on-line insurance venture between the two.

AXA and BBVA will retain the approximately 1 percent stake each has in the other, and Hilo will begin marketing its products through BBVA branches in Spain.

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