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(Reuters) — French insurer Axa SA said on Friday that it had sold an 8% stake in Axa Equitable Holdings through a secondary offering, as part of its plan to gradually divest from its U.S. life insurance business.
Axa sold 40 million shares at $20.85 a share for a total amount of $834 million, the company said. It reduced its stake in Axa Equitable to 40.1% from a previous 48.3%.
The sale of a majority stake in Axa Equitable is part of a plan by Axa to raise cash to pay for its $15 billion acquisition of Bermuda-based rival XL Group Ltd. last year.
(Reuters) — French insurer Axa SA on Tuesday said it provided insurance coverage for two of the contracting firms that were working on Notre Dame’s restoration prior to the blaze that devastated the cathedral.