Shareholders 'blindsided' by Axa's 'about-turn' on strategy

Shareholders feel "blindsided" by the abrupt change in
Axa's strategy signalled by its $15.3bn purchase of XL Group,
analysts have said.
Axa's share price fell by 9.7 percent to EUR22.62 on 5
March, the day the deal was announced. A week on and the shares
have not recovered, closing on Monday (11 March) at EUR22.50,
implying the company has been adversely re-rated.
Analysts told The Insurance Insider shareholders were shocked by
Axa's plan to reposition itself towards P&C, as well...