SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 7)
AXA Financial, Inc.
(formerly known as The Equitable Companies Incorporated)
---------------------------------------------------------
(Name of Issuer)
Common Stock, par value $.01 per share
-----------------------------------------------------
(Title of Class of Securities)
29444G 10 7
-----------------------------------------------------
(CUSIP Number)
Christianne Butte, Head of Central Legal Department
AXA, 21 Avenue Matignon
75008 Paris, France
011-331-40-75-56-38
-----------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
With a copy to:
Peter S. Wilson, Esq.
Cravath, Swaine & Moore
Worldwide Plaza
825 Eighth Avenue
New York, NY 10019
(212) 474-1000
August 30, 2000
-----------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this Schedule 13D, and
is filing this schedule because of Rule 13d-1(b)(3) or (4), check the
following box | |.
Note: Six copies of this statement, including all exhibits, should
be filed with the Commission. See Rule 13d-1(a) for other parties to whom
copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the subject
class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
(Continued on following pages)
(Page 1 of 18)
(Exhibit Index is at page 14)
<PAGE>
CUSIP NO. 29444G 10 7 SCHEDULE 13D Page 2 of 18 Pages
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
AXA
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
WC; AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
France
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES ------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 261,236,342 shares (including 74,740,898 shares
EACH beneficially owned by subsidiaries of AXA).
REPORTING See Items 4 and 5.
PERSON WITH ------------------------------------------------------
9 SOLE DISPOSITIVE POWER
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
261,236,342 shares (including 74,740,898 shares
beneficially owned by subsidiaries of AXA).
See Items 4 and 5.
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
261,236,342 shares (including 74,740,898 shares beneficially owned by
subsidiaries of AXA). See Items 4 and 5.
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES * [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
60.3% (including 74,740,898 shares beneficially owned by subsidiaries
of AXA). See Items 4 and 5.
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
HC, CO
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 29444G 10 7 SCHEDULE 13D Page 3 of 18 Pages
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Finaxa
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
France
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES ------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY ------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Possible indirect beneficial ownership of 261,236,342 shares.
See Items 4 and 5.
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES * [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
60.3%. See Items 4 and 5.
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
HC, CO
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 29444G 10 7 SCHEDULE 13D Page 4 of 18 Pages
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
AXA Assurances I.A.R.D. Mutuelle
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
France
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES ------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY ------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Possible indirect beneficial ownership of 261,236,342 shares.
See Items 4 and 5.
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES * [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
60.3%. See Items 4 and 5.
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
IC
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 29444G 10 7 SCHEDULE 13D Page 5 of 18 Pages
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
AXA Assurances Vie Mutuelle
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
France
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES ------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY ------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Possible indirect beneficial ownership of 261,236,342 shares.
See Items 4 and 5.
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES * [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
60.3%. See Items 4 and 5.
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
IC
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 29444G 10 7 SCHEDULE 13D Page 6 of 18 Pages
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
AXA Courtage Assurance Mutuelle
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
France
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES ------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY ------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Possible indirect beneficial ownership of 261,236,342 shares.
See Items 4 and 5.
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES * [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
60.3%. See Items 4 and 5.
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
IC
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 29444G 10 7 SCHEDULE 13D Page 7 of 18 Pages
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
AXA Conseil Vie Assurance Mutuelle
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
France
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES ------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY ------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Possible indirect beneficial ownership of 261,236,342 shares.
See Items 4 and 5.
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES * [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
60.3%. See Items 4 and 5.
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
IC
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 29444G 10 7 SCHEDULE 13D Page 8 of 18 Pages
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Claude Bebear, as a Trustee
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
00
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Citizen of France
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES ------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 261,236,342 shares. See Items 4 and 5.
EACH ------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH ------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
261,236,342 shares. See Items 4 and 5.
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES * [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
60.3%. See Items 4 and 5.
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
IN
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 29444G 10 7 SCHEDULE 13D Page 9 of 18 Pages
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Patrice Garnier, as a Trustee
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
00
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Citizen of France
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES ------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 261,236,342 shares. See Items 4 and 5.
EACH ------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH ------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
261,236,342 shares. See Items 4 and 5.
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES * [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
60.3%. See Items 4 and 5.
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
IN
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 29444G 10 7 SCHEDULE 13D Page 10 of 18 Pages
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Henri de Clermont-Tonnerre, as a Trustee
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
00
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Citizen of France
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES ------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 261,236,342 shares. See Items 4 and 5.
EACH ------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH ------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
261,236,342 shares. See Items 4 and 5.
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES * [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
60.3%. See Items 4 and 5.
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
IN
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 29444G 10 7 SCHEDULE 13D Page 11 of 18 Pages
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Lor Finance, S.A.
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
AF
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
France
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES ------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY ------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
28,000,000 shares. See Items 4 and 5.
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
28,000,000 shares. See Items 4 and 5.
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES * [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.46%. See Items 4 and 5.
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON *
CO
-------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 12 of 18 Pages
This Amendment No. 7 amends and supplements the Statement on
Schedule 13D ("Schedule 13D") initially filed on August 3, 1992 with the
Securities and Exchange Commission by AXA, Midi Participations, Finaxa, the
Mutuelles AXA (as herein defined) and the Trustees (as herein defined) of the
Voting Trust (as herein defined), as amended and restated in its entirety by
Amendment No. 6 to the Schedule 13D filed on December 4, 1997, which Schedule
13D relates to the Common Stock, par value $.01 per share (the "Common
Stock"), of AXA Financial, Inc., a Delaware corporation formerly known as The
Equitable Companies Incorporated (the "Company").
Item 4. Purpose of Transaction
Item 4 is hereby amended and supplemented as follows:
(1) The following language is inserted as the third to last paragraph of the
Item:
On August 30, 2000, AXA delivered a proposal (the "Proposal") to the
Company offering to purchase all of the outstanding shares of Common Stock not
currently owned by AXA or its affiliates. A copy of the Proposal is filed
herewith as Exhibit 17 and is incorporated herein by reference. A press
release relating to the Proposal was concurrently issued by AXA and is filed
herewith as Exhibit 18 and incorporated herein by reference.
(3) The second to last paragraph is replaced in its entirety with the
following language:
Except as set forth in this statement or in connection with the
Proposal, none of the Reporting Persons has any plan or proposals described in
Item 4(a)-(j) of Schedule 13D.
Item 7. Material to be Filed as Exhibits
--------------------------------
The following exhibits are added to Item 7:
Exhibit 17 Letter relating to the Proposal
dated August 30, 2000
Exhibit 18 Press Release
dated August 30, 2000
<PAGE>
Page 13 of 18 Pages
Signature
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: August 30, 2000
AXA1/
By /s/ Gerard de la Martiniere
------------------------------------
Name: Gerard de la Martiniere
Title: Member of Management Board,
Group Executive President,
Finance Control and Strategy
--------
1 Pursuant to the Filing Agreement with respect to Schedule 13D, among AXA,
Finaxa, AXA Assurances I.A.R.D. Mutuelle, AXA Assurances Vie Mutuelle, AXA
Courtage Assurance Mutuelle, Alpha Assurances Vie Mutuelle, Claude Bebear,
Patrice Garnier and Henri de Clermont-Tonnerre, as Trustees under the Voting
Trust Agreement, Financiere 45 and Lor Finance, S.A., Exhibit 9 to this
statement on Schedule 13D, this statement on Schedule 13D is filed on behalf
of each of them. Alpha Assurances Vie Mutuelle is now AXA Conseil Vie
Assurance Mutuelle. Financere 45 is no longer the beneficial owner of more than
five percent of the Common Stock. Accordingly, this is the final amendment to
this statement on Schedule 13D being filed on its behalf.
<PAGE>
Page 14 of 18 Pages
EXHIBIT INDEX
Sequentially
Exhibit No. Description Numbered Page
----------- ----------- ---------------
Exhibit 17 Letter relating to the Proposal, 15
dated August 30, 2000
Exhibit 18 Press Release, dated August 30, 2000 18
<PAGE>
Page 15 of 18 Pages
EXHIBIT 17
[AXA LOGO]
CHAIRMAN OF THE MANAGEMENT BOARD AND CEO
August 30, 2000
Board of Directors
AXA Financial, Inc.
1290 Avenue of the Americas
New York, NY 10104
Dear Ladies and Gentlemen:
On behalf of AXA, I am pleased to propose that AXA acquire all of the
outstanding shares of common stock of AXA Financial, Inc. ("AXF") not
currently owned by AXA or its affiliates. Under this proposal, AXF
shareholders would receive consideration consisting of $32.10 in cash and
0.271 of an AXA American Depositary Share ("ADS") with a total value of $53.50
per AXF share, based on the August 29 closing price of an ADS on the New York
Stock Exchange ("NYSE"). AXA also intends to make an appropriate proposal with
respect to stock options held by AXF employees and agents. We believe that
this proposal is a fair one that will be beneficial for AXF's public
shareholders. It represents a premium of 21.8% to the average closing price of
AXF on the NYSE over the last 30 trading days and 35.5% to the average closing
price of AXF on the NYSE over the last 90 trading days.
Our proposal is based on successful completion of AXF's sale of its
consolidated interest in Donaldson Lufkin & Jenrette to Credit Suisse on the
terms set forth in the Stock Purchase Agreement dated as of August 30, 2000.
In addition, our proposal is subject to the approval of a special committee of
independent, unaffiliated directors of AXF, to the prompt negotiation and
execution of a definitive agreement containing customary terms and conditions
for a transaction of this nature and to receipt of appropriate regulatory
approvals.
We wish to make clear that AXA and its subsidiaries will not sell any shares
of AXF common stock in connection with this transaction and do not wish to
consider or participate in any possible alternative sale of AXF common stock.
AXA is prepared to proceed expeditiously with this transaction and looks
forward to meeting with members of the special committee and its advisors as
soon as possible. We hope that you will give this proposal your prompt
attention. We reserve the right to amend or withdraw this proposal in our
discretion at any time.
/s/ Henri de Castries
Henri de Castries
25, Avenue Matignon 75008 Paris, France.
Telephone: +33 1 40 75 47 70. Fax: +33 1 40 75 48 11
Internet: http//www.axa.com
<PAGE>
Page 16 of 18 Pages
EXHIBIT 18
[AXA LOGO]
PRESS RELEASE
Paris, August 30th, 2000
AXA FINANCIAL SELLS DONALDSON, LUFKIN & JENRETTE (DLJ)
AXA STRENGTHENS ITS POSITION IN FINANCIAL PROTECTION IN THE
US MARKET THROUGH AN OFFER TO BUY OUT THE MINORITY
SHAREHOLDING IN AXA FINANCIAL
Axa Financial sells DLJ
AXA Financial, which holds 71% of investment bank Donaldson, Lufkin & Jenrette
(DLJ), announces that an agreement has been reached with Credit Suisse Group
on a proposal under which Credit Suisse Group would acquire DLJ.
The sale price of the disposal amounts to $ 90 for each DLJ share. AXA
Financial will receive $ 8.1 billion (Euro 9.0 billion) : $ 5.7 billion (Euro
6.3 billion) in Credit Suisse Group shares and $ 2.4 billion (Euro 2.7
billion) in cash.
DLJ has had a strong track record during the past ten years, from which AXA
Financial and AXA have benefited.
Given the evolution of its business, it appears today that the best way for
DLJ to pursue its development is to partner with a large banking group, which
has a major investment banking business, Credit Suisse Group.
<PAGE>
Page 17 of 18 Pages
The transaction will allow AXA to :
o focus AXA Financial on the core Group business - financial protection
(insurance and asset management),
o increase its financial flexibility.
AXA launches an offer to buy out of the minority interests in AXA Financial
---------------------------------------------------------------------------
AXA also announces that it has made an offer to acquire the minority
shareholders' interests in its subsidiary AXA Financial, in which it holds
today a 60.3% interest.
Under this proposal, the minority shareholders of AXA Financial would receive,
for each AXA Financial common share, $ 32.10 in cash and 0.271 AXA American
Depositary Share (ADS), which corresponds to $ 53.50 per AXA Financial
common share at the closing price of the AXA ADR on August 29th, 2000.
This offer is based on the successful completion of the sale of DLJ to Credit
Suisse Group. It will be submitted to a special committee of independent
directors of AXA Financial.
The acquisition of the minority interests in AXA Financial would allow the AXA
Group to :
o increase the proportion of its earnings coming from the US life insurance
and asset management,
o develop synergies within the Group,
o take full benefit of the future profits emerging from AXA Financial,
o be in a position to better seize external growth opportunities on the US
market.
* *
*
This press release is available on the AXA Group web site : www.axa.com
MEDIA RELATIONS : INVESTOR RELATIONS :
---------------- -------------------
Christophe DUFRAUX : 33.1.40.75.46.74 Jad ARISS : 33.1.40.75.47.45
Emmanuelle ISNARD: 33.1.40.75.47.22 Marie-Flore BACHELIER : 33.1.40.75.49.45
Anne-Karin DURANTE : 33.1.40.75.57.91
<PAGE>
Page 18 of 18 Pages
Important Legal Information
This press release contains forward-looking statements. While these
forward-looking statements represent our judgments and future expectations, a
number of risks, uncertainties and other important factors could cause actual
developments and results to differ materially from our expectations. These
factors include, but are not limited to, the risk that AXA and AXA Financial
will not enter into the proposed transaction or any other transaction; the
costs related to this proposed transaction; the risk that anticipated
synergies will not be obtained or not obtained within the time anticipated;
and other key factors that we have indicated that could adversely affect our
businesses and financial performance contained in our past and future filings
and reports, including those with the U.S. Securities and Exchange Commission
(the "SEC"). Neither AXA Financial nor AXA is under any obligation to (and
expressly disclaims any such obligations to) update or alter its forward-
looking statements whether as a result of new information, future events or
otherwise.
The structure of the proposed transaction between AXA and AXA Financial has
not yet been agreed. If the agreed structure of the transaction requires the
solicitation of proxies, AXA and AXA Financial will file a proxy
statement/prospectus and other relevant documents concerning the business
combination with the SEC. If the agreed structure of the proposed transaction
involves a tender offer, then the complete details of AXA's registered
exchange offer will be set forth in an exchange offer registration statement
and other appropriate filings to be made with the SEC. We urge investors to
read the proxy statement/prospectus, the exchange offer registration statement
and any other relevant documents that may be filed with the SEC because they
will contain important information.
If proxies are solicited from the AXA Financial stockholders, AXA Financial
and its directors and executive officers may be deemed to be participants in
the solicitation of proxies from the security holders of AXA Financial in
favor of the merger. The directors and executive officers of AXA Financial
include the following: Claude Bebear, Henri De Castries, Edward D. Miller,
Michael Hegarty, John S. Chalsty, Francoise Colloc'h, Claus-Michel Dill,
Joseph L. Dionne, Jean-Rene Fourtou, Donald J. Greene, Anthony J. Hamilton,
John T. Hartley, John H. F. Haskell, Jr., Nina Henderson, W. Edwin Jarmain,
Didier Pineau-Valencienne, George J. Sella, Jr., Peter J. Tobin, Dave H.
Williams, Stanley B. Tulin, Jose S. Suquet and Robert E. Garber. Collectively,
as of March 1, 2000, the directors and executive officers of AXA Financial may
be deemed to beneficially own less than 1% of the outstanding shares of AXA
Financial common stock. Security holders of AXA Financial may obtain
additional information regarding the interests of such participants by reading
the proxy statement/prospectus when and if it becomes available.
This communication shall not constitute an offer to sell or the solicitation
of an offer to buy securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of such
jurisdiction.
Investors will be able to obtain any documents filed with the SEC relating to
a proxy solicitation free of charge at the SEC's website, www.sec.gov., and
any documents (excluding exhibits) filed with the SEC relating to an exchange
offer from the SEC's Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549, Telephone: (202) 942-8090, Fax: (202) 628-9001, Email:
[email protected]. In addition, documents filed with the SEC by AXA will be
available free of charge from the General Counsel, AXA, 21 Avenue Matignon,
75008 Paris, Telephone No.: 011- 33-1-40-75-72-00. Documents filed with the
SEC by AXA Financial will be available free of charge from Financial
Communications, AXA Financial, Inc., 1290 Avenue of the Americas, New York, NY
10036, Telephone No.: (212) 554-1234.
