World News – UA – AMP joins in confirmation of US takeover bid


AMP shares jumped 20% on Friday after the ailing wealth manager confirmed an offer to acquire New York Stock Exchange-listed investment giant Ares Management that could potentially save it from breaking

The Australian Financial Review’s Street Talk column on Thursday revealed that the California-based fund manager is in advanced talks to buy AMP and has started a due diligence on the 171-year-old company

Debra Hazelton, President of AMP, has made her mark on the company by launching the ‘for sale’ sign throughout the company
Louie Douvis

In a statement to ASX on Friday, AMP confirmed the report, announcing that it had received an « indicative, non-binding conditional proposal to acquire 100% of the shares of AMP Limited by arrangement »

Discussions over potential buyout are at a « very preliminary stage, » the statement said, and there is no certainty that this will happen

It is understood that the offer would be a balance sheet transaction for Ares rather than an investment of its funds, meaning the company is interested in owning the assets of AMP

The press release also revealed that AMP had received « significant interest » from parties wishing to acquire all or part of its assets

Debra Hazelton, president of AMP, put the company on the table in September with a portfolio review that could recommend a change in the composition of AMP’s assets, with a possible dissolution of the company

The review follows the resignation of AMP Chairman David Murray and Director John Fraser and the demotion of AMP Capital boss Boe Pahari in August

The shock outings were sparked by reactions from staff, shareholders and the public to the company’s handling of sexual harassment allegations against senior executives, first revealed by a Financial Review investigation

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Shareholders had also expressed concerns over the sale of AMP’s once-core life insurance division to UK-based Resolution Life, alongside continued damage to the reputation of the Hayne Royal Commission, which brought criminal misconduct charges against the company

If AMP’s vast banking, financial planning, retirement and fund management divisions were to remain intact and sold as a whole to a single third party, it could result in the rescue of the historic multi-year transformation agreement of the Managing Director Francesco De Ferrari

However, it is understood that some potential buyers are only interested in the most attractive parts of AMP, notably the infrastructure and unlisted real estate investment functions of its flagship AMP Capital subsidiary and its management platform. growing wealth in the North

Based in Los Angeles, Ares manages $ 252 billion worldwide in private equity, credit, real estate and alternative investment portfolios

It already has a presence in the Australian market through its Ares Australia Management joint venture with Challenger’s Fidante team of boutique fund managers, after launching a global credit income fund in May this year

Ares’ offer on AMP is another link between AMP’s post-Hayne leadership and Swiss investment bank Credit Suisse, Street Talk reported

Former Australian Managing Director of Credit Suisse John Knox is said to be involved in AMP’s due diligence, representing Ares as local chairman on the ground

M De Ferrari and Alex Wade – the former managing director of its banking and wealth management divisions who left suddenly and without explanation following the Financial Review’s revelation of improper conduct allegations – are both former Credit Suisse alumni

The former president, M Murray, also has long-standing ties with the Swiss bank as an advisor to its operations in Australia, while former Credit Suisse executive chairman John O’Sullivan is a director of AMP

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AMP Limited, Ares Management, Takeover, Finance, ASX, Investment Management, ASX: AMP

News from around the world – AU – AMP rallies confirmation of takeover bid in the USA



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