AMP, AXA APH and AXA SA sign merger transaction documents

AMP Limited (AMP), AXA Asia Pacific Holdings Limited (AXA APH) and AXA SA have signed binding transaction documents following the successful completion of initial due diligence.

This will allow a merger of the Australian and New Zealand businesses of AXA APH with AMP's operations while AXA SA will acquire 100 per cent of AXA APH's Asian businesses.

In addition to receiving shareholder and court approvals, the merger also remains subject to further regulatory approvals including from the Federal Treasurer.

The merger of these two great Australian companies will create a new force in wealth management in Australia and New Zealand. This will deliver significant value to shareholders in both AXA APH and AMP.

Leading Wealth Management & Life Insurance Companies

By bringing together two of the leading wealth management & life insurance companies in Australia and New Zealand, AMP will have the scale and expertise to provide consumers with an even better range of low cost, simple options to prepare for the fundamental life decisions such as buying a home, protecting their families and preparing for retirement.

It is expected that the transaction will be put to the AXA APH minority shareholders for their approval by the end of the first quarter of 2011.

The transaction documents set out the key commercial terms to allow the merger of AMP and AXA APH's Australian and New Zealand businesses by way of a Scheme of Arrangement, and the sale of AXA APH's Asian business to AXA SA.

AMP and AXA APH will shortly commence reciprocal confirmatory due diligence, which is expected to last for approximately two weeks.

Source: AMP 2010

December 2010