AMP, AXA Asia Pacific Holdings Limited (AXA APH) and AXA’s French parent company AXA SA have now signed binding transaction documents. This will allow a merger of the Australian and New Zealand businesses of AXA APH with AMP’s operations while AXA SA will acquire 100 per cent of AXA APH’s Asian businesses.
The merger will be funded through the payment of cash and new AMP shares to AXA APH minority shareholders equivalent to $6.43 per AXA APH share1.
The merger of these two great Australian companies will create a new force in wealth management in Australia and New Zealand. This will deliver significant value to shareholders in both AXA APH and AMP.
By bringing together two of the leading wealth management companies in Australia and New Zealand, we will have the scale and expertise to provide consumers with an even better range of low cost, simple options to prepare for the fundamental life decisions such as buying a home, protecting their families and preparing for retirement.
The merger remains subject to shareholder and court approvals as well as further regulatory approvals including from the Federal Treasurer. The AXA board’s recommendation is also subject to no superior proposal being made and the review of an independent expert.
Source : AMP Press Release
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