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Axa building sign The headquarters of Axa Asia Pacific Holdings Ltd. stand in the central business district of Melbourne, Australia. Even before the IPO, Axa was this year’s second-worst performer in the Bloomberg Europe 500 Insurance Index, shedding more than 9% of its value.  (Photo: Carla Gottgens/Bloomberg)

(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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