Axa/AMP merger one step closer
Axa APH minority shareholders have voted for the proposed merger of its Australian and New Zealand business with AMP.
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The proposed merger of Axa and AMP’s New Zealand and Australian businesses has cleared another hurdle.
Axa Asia Pacific Holdings minority shareholders have voted in favour of the proposal to merge the Australian and New Zealand businesses of Axa APH with AMP and to sell the Asian businesses to Axa SA.
AMP chief executive Craig Dunn said the vote was a significant milestone for the proposed merger.
“A merged AMP Axa will bring together two of Australia’s longest standing businesses. It will deliver a new force in financial services by creating a company with the size and resources to be a strong competitor to the big four banks in wealth management.
“Today’s vote brings the competitive benefits of this merger one step closer for consumers and businesses in Australia and New Zealand,” Mr Dunn said.
Under the proposal, Axa APH shareholders will receive the equivalent of A$6.43 per share, consisting of cash and AMP shares.
Axa APH shareholders will also receive Axa APH’s 2010 final dividend of 9.25 cents per share.
The second court hearing to approve the scheme will take place on March 7. If approved, the scheme will become effective on March 8.
Niko Kloeten
Thu, 03 Mar 2011
Thu, 03 Mar 2011
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Axa/AMP merger one step closer
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