Merger set to go ahead
The last major hurdle to the merger of IOOF Holdings and Australian Wealth Management (AWM) has been cleared, with the companies completing due diligence.
The two companies announced to the Australian Securities Exchange “the satisfactory completion of the mutual confirmatory due diligence exercise”.
However, they said the merger remained subject to a number of other conditions, including AWM shareholder approval, court approval and regulatory approvals.
A meeting of AWM shareholders to approve the proposed merger is expected to be held in March, with the merger to be completed in late March or early April next year.
AUTHOR
Mike Taylor
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
