The acquisition of AXA Asia Pacific by AMP Limited has taken another step forward with AMP Financial Services director of product manufacturing, Paul Sainsbury, having been appointed to the role of integration director.
Announcement of Sainbury’s appointment follows AXA Asia Pacific issuing an explanatory memorandum to shareholders and the announcement that independent expert Grant Samuel had concluded that the AMP proposal represented “compelling” value for AXA AP’s shareholders in the absence of a superior offer.
AMP said it still expected the proposed merger to achieve economic synergies of approximately $120 million a year and for one-off integration costs to be $285 million.
It said it was expected AXA AP shareholders would have the opportunity to vote on the proposal on 2 March and, assuming a favourable vote and court approval that the implementation date for the merger would be 30 March.
