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Daily Insurance Industry News
Saturday 10th of December 2016
November 15, 2010

AMP proposes AXA Asia Pacific merger

by Gill Montia

Story link: AMP proposes AXA Asia Pacific merger

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.”

 

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