on AXA (EPA:CS)
AXA Amends Share Repurchase Agreement to Increase Buy-back Volume
AXA announced an amendment to its existing share repurchase agreement on May 7, 2024, increasing the investment limit by Euro 0.2 billion. This change aims to support its anti-dilutive share buyback strategy linked to its reinsurance agreement with AXA Life Europe and New Reinsurance Company. The extended buy-back period will now conclude on August 30, 2024.
The revised agreement results from the reinsurance contract between AXA Life Europe and New Reinsurance Company, aimed at managing an in-force savings portfolio. AXA plans to cancel all shares repurchased through this program to prevent dilution. During the purchase period, shares' prices will rely on the volume-weighted average of the stock price on each trading day, with pricing caps set by shareholder approvals.
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