AMP Limited today welcomed the decision of AXA APH minority shareholders to vote in favour of the proposal to merge the Australian and New Zealand businesses of AXA APH with AMP and to sell the Asian businesses to AXA SA.
AMP Chief Executive Officer Mr Craig Dunn said the vote was a significant milestone for the proposed merger.
“A merged AMP AXA will bring together two of Australia’s longest standing businesses. It will deliver 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.
“Today’s vote brings the competitive benefits of this merger one step closer for consumers and businesses in Australia and New Zealand,” Mr Dunn said.
Under the Scheme of Arrangement to give effect to the proposal, AXA APH shareholders will receive the equivalent of A$6.43 per share.
The second court hearing to approve the Scheme will take place on Monday 7 March 2011. If approved, the Scheme will become effective on 8 March 2011. , consisting of cash and AMP shares. AXA APH shareholders will also receive AXA APH’s 2010 final dividend of 9.25 cents per share.
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 2011.
