Axa Asia Pacific's (AXA AP) independent directors are now unanimously in favour of AMP's takeover plan.All but one of Axa AP's independent directors had previously been in favour of the deal. Their unanimous approval was a condition of the transaction.If
Axa Asia Pacific’s (AXA AP) independent directors are now unanimously in favour of AMP’s takeover plan.
All but one of Axa AP’s independent directors had previously been in favour of the deal. Their unanimous approval was a condition of the transaction.
If successful, the deal would put AMP at the top of Australia's wealth management market.
The proposal is still subject to satisfactory due diligence, execution of final transaction documents, approval by Axa AP minority shareholders and regulatory approvals.
But as the transaction already has the signoff of both competition authorities – Australia’s ACCC and the New Zealand Commerce Commission – it is widely expected to go ahead as planned.
The transaction is a joint proposal with France’s Axa SA, under which Axa SA would acquire 100% of Axa AP’s Asian business with AMP landing the New Zealand and Australian businesses.
Axa AP shareholders will receive A$6.431 per share, consisting of cash and AMP shares, as well as the Axa AP’s 2010 final dividend of up to 9.25Ac a share.
AMP’s shares last traded at $A5.08, down 3Ac. Axa AP’s was at $A6.24, down 1Ac.
