UPDATED Shares in dual-listed financial services group, AMP, have been placed on a trading halt at the company's request, pending a “material announcement”.In 2009, Australia-listed AXA Asia Pacific Holdings turned down a takeover proposal f
UPDATED Shares in dual-listed financial services group, AMP, have been placed on a trading halt at the company's request, pending a “material announcement”.
In 2009, Australia-listed AXA Asia Pacific Holdings turned down a takeover proposal from AMP in favour of a competing offer from National Australia Bank, which was subsequently turned down on competition grounds by Australia's antitrust regulator, the ACCC.
AMP then resumed talks with French insurer, AXA SA, which is AXA Asia Pacific’s biggest shareholder. On November 5, AXA Asia Pacific said it had been made aware of discussions between AXA SA and AMP.
“However the discussions are incomplete and may or may not lead to a transaction,” AXA Asia Pacific said then.
In today’s NZX announcement, AMP gave no reason for the trading halt. Later in the day, the Australian Stock Exchange said AMP would remain in a “pre-open” phase until the start of normal trading on Wednesday, unless otherwise advised.
Under AMP's initial offer, AXA SA was to have bought AXA Asia Pacific’s Asian operations, leaving the Australian and New Zealand operations to AMP.
AXA Asia Pacific’s shares closed in Australia on Friday at $A5.78 a share, valuing the group at $A11.9 billion. AMP's Australian shares closed at $A5.33, valuing it at $A11.2 billion.
