Australasian insurer and fund manager AMP is defending its $A11 billion joint bid with French insurer AXA SA for AXA Asia Pacific Holdings, saying the offer price has to be responsible.
AMP's chief executive Craig Dunn told a business lunch in Sydney the proposal is compelling and made strategic sense.
AXA Asia Pacific has rejected the offer as too low, and commentators believe the bid will be raised.
Mr Dunn says the takeover, if successful, would help competition in the wealth management sector, challenging the major banks which he says now control almost 50% of the Australian market.
