French insurance giant Axa SA is making a second attempt to completely take over Melbourne-based Axa Asia Pacific.

Paris-based Axa SA already owns 51% of Axa Asia Pacific and says it is well financed to take on the remaining share. It will be the company’s second bid for full control – the last attempt was in August 2004, when directors rejected a $3.1 billion bid takeover bid.

This time only a handful of shareholders, including some independent directors, are understood to be standing in the way.

Speaking last week after confirming plans to take over the Swiss-based Winterthur insurance group, group CEO Henri de Castries said there is still plenty of money left for mid-sized acquisitions.

Axa Asia Pacific CEO Les Owen has not formally commented on the buyout suggestions but says any offer will be considered on its merits.

The insurer will benefit from its parent’s $13.2 billion purchase of Winterthur. As part of the deal, Axa Asia Pacific will have first option on purchasing Winterthur’s Asian life insurance assets from the parent company. These include operations in Hong Kong, China, Taiwan and Indonesia.

The company has not offered a timetable or any information on how it will approach the opportunity.