AXA deal still has a life
(10 May 2010 – Australia) Chief executive of AMP, Craig Dunn, stated in a presentation that AMP will seek support from AXA Asia Pacific Holding’s (AXA APH) independent directors and minority shareholders for its proposal. However, AMP also said that there was still a "long way to go" in its pursuit of AXA APH.
While AMP reiterated that the acquisition would help accelerate AMP's growth strategy, it said that it still needed to overcome regulatory hurdles, including the final approval of the Federal Treasurer.
AMP's lower cash-and-shares offer was rejected by the AXA APH board in December in favour of a competing bid from National Australia Bank (NAB).
Subsequently, the Australian Competition and Consumer Commission (ACCC) rejected NAB's bid for AXA APH in April but NAB has yet to rule out the purchase of AXA APH.
Commenting on the ACCC decision in April, AMP said it was confident it could put forward a proposal that the independent directors of AXA APH will be able to recommend to their minority shareholders.
AMP's lower cash-and-shares offer was rejected by the AXA APH board in December in favour of a competing bid from National Australia Bank (NAB).
Subsequently, the Australian Competition and Consumer Commission (ACCC) rejected NAB's bid for AXA APH in April but NAB has yet to rule out the purchase of AXA APH.
Commenting on the ACCC decision in April, AMP said it was confident it could put forward a proposal that the independent directors of AXA APH will be able to recommend to their minority shareholders.
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