World News – UA – Struggling financial firm AMP confirms takeover bid from US company


Queensland Premier Annastacia Palaszczuk announces that residents of NSW, except Sydney, will be allowed entry into the state from November 3

The Royal Commission called in after the last catastrophic fire season recommended that the federal government legislate for the power to declare a state of emergency

AMP has confirmed that it has received a non-binding takeover bid from US private equity firm Ares Management Corporation

The 171-year-old finance company did not disclose the amount offered and stressed that discussions were at a « very preliminary stage »

The conditional takeover comes almost two months after the company essentially advertised itself for sale

In August, new AMP president Debra Hazelton launched a strategic review of the company following the resignation of her predecessor David Murray following the board’s handling of harassment complaints sexual

Amid the leadership upheaval, John Fraser stepped down as a director and Boe Pahari was demoted from his plum job at the head of AMP Capital

AMP clients withdrew billions of dollars from its wealth management division following scandals uncovered at the 2018 royal commission of inquiry

Investors were clearly excited that a foreign company could breathe new life into the struggling financial firm

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AEST = Australian Eastern Standard Time, which is 10 hours ahead of GMT (Greenwich Mean Time)

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

News from around the world – AU – Struggling financial firm AMP confirms public offering of purchase of an American company



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