(Bloomberg) – Investors gave a resounding thumbs-down to the partial spinoff of Axa SA's U.S. business, dealing a blow to boss Thomas Buberl's strategy for the French insurer.
The sale of part of its U.S. operations raised almost $1 billion less than the company had hoped for, amid concern among shareholders at the $15.3 billion takeover of XL Group Ltd. which the IPO will help finance.
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