The proposed merger between AMP and AXA Asia Pacific Holdings Limited (AXA APH) has progressed further with the announcement earlier this week that binding transaction documents have been signed.
The documents, which set out the key commercial terms of the merger, have been signed following the successful completion of initial due diligence between AMP, AXA APH’s parent company AXA SA and AXA APH.
In announcing the signing of the binding transaction documents, AMP CEO, Craig Dunn, said this was a turning point in the history of the two companies, who would “… form a new force in wealth management … and deliver a much needed fifth pillar to balance the power of the banks in financial services.”
The merger remains subject to shareholder and court approvals, as well as further regulatory approvals including that of the Federal Treasurer.
AMP expects the merger proposal will be offered to AXA APH minority shareholders for approval some time during the first quarter of 2011.
Click here for a summary of the key terms and to access Mr Dunn’s statement.
