AMP acquisition of AXA AP ready to complete
AMP Limited’s acquisition of AXA Asia Pacific Holdings has passed its final major hurdle – approval in the Supreme Court of Victoria.
AMP announced to the Australian Securities Exchange yesterday that the Supreme Court had approved the share scheme for the proposed merger of AMP and AXA AP.
It said that under the proposal, AMP would acquire 100 per cent of AXA AP, merging AXA AP’s Australian and New Zealand businesses with those of AMP and divesting AXA AP’s Asian businesses to the company’s European parent, AXA SA.
It said the share scheme was expected to become effective today when AXA AP lodged a copy of the court order approve the share scheme with the Australian Securities and Investments Commission (ASIC).
It said the share scheme’s implementation date would be 30 March, with normal trading of the new AMP shares issued to AXA AP shareholders beginning under the ASX code AMP on 31 March.
AUTHOR
Mike Taylor
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
