I said this in another thread... but...AXA's Asian Business is...

I said this in another thread... but...

AXA's Asian Business is worth around $7.3Bn. They would need to issue at least $1.7Bn to consider paying cash for it, but, in reality, would need much more. Circa $2.7Bn would be my rough guess:P.

But yes, perhaps an offer of ANZ shares + $4Bn in cash could come for it. However, such an offer would value AXA's Asian businesses at P/E multiple of 19.0. Probably not what Mike Smith had in mind when he said he wanted cheap Asian acquisitons...

AXA's Aust and NZ business would cost around $4.2Bn... which IMHO will come *close* to the stage where more capital would be required...if more acquisitions were to occur. But, again, a PE ratio of 16, not particularly 'asian assets' and not cheap, makes me think Mike Smith isn't going for these.

Overall, not cheap multiples, and one costs > $7Bn, which would involve shares... with a $4.7Bn equity raising earlier this year, and a $1.7Bn hybrid raising now... I can't see them issuing much more equity this year... and they wouldn't take on $3Bn in debt... esp. for something a PE multiple of 19.0!

And, the other isn't cheap either, and isn't Asian assets!!

"Personally I think ANZ would be more likely to spend money O/S ie. the wider more remote areas of China, Asia & maybe India."
Hmm, I disagree with those particular places specifically, they have given us a list in the last week of which specific countries were a particular focus.... but, yes, much more chance of an Asian acquisition than an Aussie one, as, you know, that's what they have stated that they are trying to do.

Not quite sure why ANZ would bother going for SunCorp or BOQ!!! Don't they have their own problems? I spose there is a remote chance, but, then again, there is a remote chance Rio Tinto could try to merge with ANZ as well............ if you know what I mean.

Having said that... a bank like Bendigo and Adelaide banks..... today's AFR article was interesting... and I definitely see potential benefits for B&A through a merger with a Big 4... their net interest margin? LOL! But, not even sure the Government would allow that..... At any rate, I doubt it'd be particularly cheap, and isn't 'Asian'... so not on their immediate radar!