|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, October 1st, 9:48PM


Latest Headlines

AXA APH minority shareholders approve AMP merger

AXA Asia Pacific Holdings (APH) minority shareholders have voted in favour of the proposal to merge its Australian and New Zealand businesses with AMP and to sell the Asian businesses to AXA SA.

Thursday, March 3rd 2011, 11:00AM

by Jenha White

This comes after an independent expert report on AMP's $13.3 billion bid for AXA APH in January which had concluded that the proposal was fair and reasonable and in the best interests of minority shareholders.

AMP chief executive Craig Dunn says the vote is a significant milestone for the proposed merger.

"Today's vote brings the competitive benefits of this merger one step closer for consumers and businesses in Australia and New Zealand," he says.

"A merged AMP AXA will bring together two of Australia's longest standing businesses delivering 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."

The merger is yet to be given final court sign -off, but earlier in the week Australian Treasurer Wayne Swan also approved the proposed merger on the condition that the company's set up a termination package for employees displaced by the merger. This has also been approved by minority shareholders.

Under the Scheme of Arrangement to give effect to 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 Monday 7 March. If approved, the Scheme will become effective on 8 March and the normal trading of new AMP shares issued to AXA APH shareholders under the Scheme would then commence under the ASX code "AMP" on 31 March.


Jenha is a TPL staff reporter.

« AIA has a strong yearFidelity Life reports $9.3m profit »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Insurance Briefs

AIA reveals grant winners
AIA has revealed the financial advisers and advice businesses that will be given financial backing for their community initiatives.

Insurer nib backs Ronald McDonald House with $20k investment
Health insurer nib New Zealand and its nib foundation have lent support to Ronald McDonald House Charities.

Less stressed during lockdown
New Zealander’s health and wellbeing had surprising benefits from the Covid-19 lockdown.

Southern Cross supports new safe haven for at-risk pets
Southern Cross Pet Insurance has teamed up with Pet Refuge to provide temporary shelter for animals affected by family violence.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
Site by Web Developer and