AXA shareholders vote for AMP merger
Minority shareholders of AXA Asia Pacific have given the green light to the proposed merger with AMP yesterday, with the acquisition remaining subject to one more approval.
The second court hearing to approve the share scheme will take place on 7 March, 2011 in the Supreme Court of Victoria. If approved, the scheme will take effect the next day.
The shareholder approval followed the decision announced by the Deputy Prime Minister and Treasurer, Wayne Swan, to support the merger.
AXA’s shareholders voted in favour of all resolutions, including the sale of its Asian business to AXA SA in France.
AXA’s chairman, Rick Allert, acknowledged it had been a “lengthy process since the first proposal for AXA Asia Pacific Holdings was made more than a year ago”.
Under the Scheme of Arrangement to give effect to the proposal, AXA’s shareholders would receive the equivalent of $6.43 per share, consisting of cash and AMP shares. They would also receive AXA’s 2010 final dividend of 9.25 cents per share.
AMP chief executive officer, Craig Dunn said the merger would deliver a strong competitor and an alternative to the big four banks in wealth management.
Normal trading of new AMP shares issued to AXA shareholders under the scheme would commence on 31 March, 2011.
AUTHOR
Milana Pokrajac
Recommended for you
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
Despite its popularity, only 1 per cent of financial advisers say they have often discussed cryptocurrency with clients, CoreData said, fuelled by concerns of heavy legal expenses if the product goes wrong.
AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme.
