Swan approves AMP/AXA merger, lists conditions
Deputy Prime Minister and Treasurer Wayne Swan has officially approved AMP’s acquisition of AXA Asia Pacific, listing conditions of the merger that are based upon employment and staff assistance.
The conditions, which AMP agreed to, state the company is to “maximise internal redeployment opportunities available to affected staff, support external jobs placement where employee redundancies occur, and ensure that staff affected by the merger have timely access to their full entitlements under the AMP Limited and AXA Asia Pacific Holdings Limited retrenchment arrangements”.
Swan also suggested AMP work through implications for AXA staff as quickly and sensitively as possible, in consultation with employees, the Finance Sector Union and other affected stakeholders.
The proposed merger, which has been unanimously recommended by AXA’s independent directors, will be voted on by the company’s minority shareholders today.
An AMP spokesperson stated it was too early to talk about the number of possible redundancies, with the merger still being subject to approvals.
The company will hold an extraordinary general meeting after the shareholder vote, during which executive payments following the acquisition will be discussed.
The second court hearing in the Supreme Court of Victoria for the approval of the share scheme will be held next week, while new shares expected to commence trading by the end of March.
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