By Nathan Allen

AXA SA (CS.FR) said late Monday that it will launch a secondary public offering of shares in its U.S. subsidiary AXA Equitable Holdings Inc. (EQH).

The French insurance group said it will offer 40 million shares in the U.S. company, and has granted the option for underwriters to acquire a further 6 million shares.

In parallel, AXA will sell another 30 million shares in AXA Equitable Holdings back to the U.S. company.

Following completion of the offer, AXA's stake in AXA Equitable Holdings will fall below 50%.

Axa will subsequently take a minority position on the AXA Equitable Holdings board, nominating three out of nine directors.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

March 19, 2019 02:33 ET (06:33 GMT)

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