Axa in Talks With Banco BPM on $1.6 Billion Insurance Units
- Axa weighs deal once BPM has bought out stakes from partners
- Credit Agricole recently agreed to take stake in Banco BPM
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Axa SA is in early-stage talks to buy a controlling stake in Banco BPM SpA’s insurance businesses valued at about 1.5 billion euros ($1.6 billion), according to people with knowledge of the matter.
Axa is considering a deal once Banco BPM has taken full ownership of several insurance businesses where it has partners, the people said, asking not to be identified as the plans aren’t public. Still, the talks may falter after Credit Agricole SA last week bought a stake in Banco BPM, some of the people said.