FINAXA, the French-based holding company that owns the AXA Group, came to terms on a deal that would merge the two companies under AXA.
AXA will obtain ownership of the “AXA” brand which is currently the property of FINAXA. AXA pays an annual fee approximately euro 6.6 million this year in order to use the trademark.
Analysts predict that all AXA shares owned by FINAXA and its subsidiaries, approximately 336 million shares, would be cancelled after the merger.
FINAXA owns about a 20 percent stake in AXA, the insurance giant that offers life, property and casualty, and international insurance products.
Officials set December 16 as the date to present the merger to both AXA and FINAXA shareholders for approval.