Calyon acted as joint bookrunner in the EUR 2 billion capital increase announced by Axa on November 9, 2009. Subscriptions were open from November 10 to 23 inclusive. During this period, preferential subscription rights were listed and tradable on the Euronext Paris market. Settlement and delivery and the admission to trading of the new shares on Euronext Paris took place on December 4.

The issue offered preferential subscription rights to existing Axa shareholders who received one preferential subscription right for each share held at the close of business on November 9. Twelve such subscription rights entitled the shareholder to subscribe for one new share at the subscription price of EUR 11.90.

This transaction was successful and oversubscribed at 272% corresponding to the creation of 174.123.628 new shares.

Proceeds from the transaction will be used to seize acquisition opportunities, as a priority in high-growth markets and including the possible buyout of minority interests in Eastern Europe.

"With this capital increase our shareholders will have the possibility of benefiting from the perspectives offered by acquisition opportunities within the context of the current market," said Henri de Castries, the Chairman of Axa’s Management Board.

The proceed will also enable strengthening the group in Asia through the disposal to AMP of its equity interest in the Australian and New Zealand activities of Axa APH and the acquisition of all Axa APH activities in Asia.

"Calyon’s active role in the financing of Axa’s projects strengthens our position as a leading bank within the group’s banking pool and confirms our desire to support its strategic moves," explains Olivier Aubertin, Senior Banker.