AMP proposes AXA Asia Pacific merger
by Gill Montia
Story link: AMP proposes AXA Asia Pacific merger
Australian banking and insurance group, AMP, has submitted a proposal for a merger with AXA Asia Pacific Holdings (AXA AP), via a scheme of arrangement.
The move would see AMP merge the Australian and New Zealand businesses of AXA AP with its own operations, while AXA AP’s parent company, AXA SA, would acquire 100% of AXA AP’s Asian businesses.
If agreed, the merger would be funded through the payment of cash and new AMP shares to AXA AP minority shareholders, equivalent to $6.43 per AXA AP share.
According to AMP: “The merger of these two great Australian companies would deliver value to shareholders in both AXA AP and AMP by creating a new force in wealth management in Australia and New Zealand.”