AXA Receives Approval to Issue New Shares to Employees

September 10, 2002

AXA announced that French Regulatory Authorities (the “COB”) had given the company the green light to issue up to 35 million new shares to more than 100,000 employees in 29 countries.

The shares will be priced at 80 percent of the average opening price for trades in Paris for the week of September 25 to October 22. The shares have also been registered for sale with the SEC in the U.S. The company’s ADR’s were trading on the NYSE at around $13 per share.

The Company’s announcement stated that AXA “for several years offered to its employees, in and outside France, the opportunity to subscribe for shares issued by way of a capital increase reserved for employees. By doing this, the AXA Group hopes to strengthen its relationship with its employees by closely associating them with the development and future results of the Group.”

Was this article valuable?

Here are more articles you may enjoy.