Contacts: Media Relations Investor Relations
Jeff Tolvin Caroline Portel
AXA Financial AXA
(212) 314-2811 33 1 40 75 49 84
JEFFREY.TOLVIN@AXA-FINANCIAL.COM CAROLINE.PORTEL@AXA.COM
For immediate release:
AXA FINANCIAL ANNOUNCES THAT MONY STOCKHOLDERS
APPROVE $1.5 BILLION MERGER
New York, N.Y., May 18, 2004 - AXA Financial, Inc., announced today
that stockholders of The MONY Group (NYSE:MNY) have voted to approve a merger
with AXA Financial, a leading financial services organization. Under the terms
of the merger, AXA Financial will acquire 100% of MONY, a financial services
firm that provides protection, accumulation and retail brokerage products
through advisory and wholesale distribution channels. The cash transaction is
valued at approximately USD $1.5 billion (approximately Euro 1.3 billion).
The transaction remains subject to certain required regulatory
approvals and certain other conditions. It is expected to close late second
quarter or early third quarter of 2004.
Under the merger agreement, MONY stockholders will receive $31.00 in
cash from AXA Financial, plus dividends of approximately $0.33 to $0.35 from
MONY, for each share of MONY common stock.
At the special meeting of MONY shareholders today to consider the
merger proposal, the independent Inspectors of Elections certified that
shareholders representing a majority of the issued and outstanding shares of
MONY common stock voted for the merger proposal.
Christopher "Kip" Condron, president and chief executive officer of AXA
Financial, said, "This is an exciting day for two organizations with rich
histories. MONY represents a very complementary fit to our insurance, annuity
and asset management businesses, and we believe that together we can strengthen
our industry leadership in providing financial advice. We have been diligently
planning how to integrate the two companies as we work to secure the necessary
regulatory approvals and satisfy other closing conditions. We look forward to
closing this transaction as promptly as practicable and do not currently
anticipate that the level of appraisal rights demands that have been received
will change our thinking.
"We believe this transaction represents a terrific opportunity for AXA
Financial to add scale by acquiring an organization with outstanding
distribution capabilities and products, an enviable client base, substantial
assets under management and a solid work force. MONY's life insurance products,
together with its investment management products and services, will immediately
enhance our already strong product portfolio across all of our distribution
channels.
"We also believe that adding MONY's dedicated and talented sales
professionals will increase our retail insurance and annuity distribution reach
significantly, providing additional outlets for our highly competitive product
line-up and a new presence in a number of high growth markets where we are
currently under-represented. It should also enhance our wholesale distribution
platform and provide substantial growth opportunities for AXA Financial,
particularly in life insurance products. In addition, we will add the strength
of Advest - a leading, regional, full-service brokerage firm - serving high
income and high net worth clients that, together with our expanded retail and
wholesale platforms, will create a formidable combination of distribution
outlets for insurance, annuity, investment management and planning products and
services."
Mr. Condron pointed out that the transaction is occurring at a time
when people, more than ever before, are seeking sound financial advice and
solutions to ensure their financial security. Because financial advice is a
major component of AXA Financial's and MONY's strategies, "we believe that
combining our organizations - our industry-leading brands, robust product
platforms, multi-channel distribution networks, strong
client bases, and highly dedicated and trained sales and employee work forces -
will greatly expand our presence and influence in the U.S. financial services
marketplace."
ABOUT AXA FINANCIAL
AXA Financial, with approximately $522.6 billion in assets under
management as of March 31, 2004, is one of the premier U.S. financial protection
organizations through its strong brands: The Equitable Life Assurance Society of
the U.S., AXA Advisors, LLC, Alliance Capital Management, L.P., Sanford C.
Bernstein and AXA Distributors, LLC. AXA Financial is a member of the global AXA
Group.
ABOUT AXA GROUP
AXA is a worldwide leader in financial protection and wealth
management. AXA's operations are diverse geographically, with major operations
in Western Europe, North America, and the Asia/Pacific region. AXA had $979
billion in assets under management and reported revenues of approximately $81
billion for the full year 2003. The AXA ordinary share is listed and trades
under the symbol AXA on the Paris Stock Exchange. The AXA American Depositary
Share is also listed on the NYSE under the ticker symbol AXA.
FORWARD LOOKING STATEMENTS
Certain statements contained herein are forward-looking statements
including, but not limited to, statements that are predictions of or indicate
future events, trends, plans or objectives. Undue reliance should not be placed
on such statements because, by their nature, they are subject to known and
unknown risks and uncertainties, including the risk that the proposed
acquisition may not be consummated. The following factors, among others, could
cause actual results to differ materially from those described herein or from
past results: the risk that the AXA Financial and MONY businesses will not be
integrated successfully, including, among others, the possibilities that
following the merger AXA Financial and MONY may not be able to retain current
MONY clients, sales professionals and employees or to successfully market
current MONY products and services; the costs related to the transaction;
inability to obtain, or meet conditions imposed for, required governmental and
regulatory approvals and consents; other economic, business, competitive and/or
regulatory factors affecting AXA Financial's and MONY's businesses generally;
and the risk of future catastrophic events including possible future terrorist
related incidents.
Please refer to AXA Financial's Annual Report on Form 10-K for the year
ended December 31, 2003 for a description of certain important factors, risks
and uncertainties that may affect AXA Financial's business. Please refer to
MONY's Annual Report on Form 10-K for the year ended December 31, 2003, for a
description of certain important factors, risks and uncertainties that may
affect MONY's business. AXA Financial does not undertake any obligation to
publicly update or revise any of these forward-looking statements, whether to
reflect new information, future events or otherwise.
Both MONY and AXA Financial file reports and other information with the
SEC. You may read and copy any reports and other information filed by the
companies at the SEC's public reference room[s] at 450 Fifth Street, N.W.,
Washington, D.C. 20549.
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