AMP Receives Proposal From US-Based Company

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AMP has confirmed it has received an “indicative, non-binding, conditional proposal” from a US-based company to acquire 100 percent of the shares in AMP Limited by way of scheme of arrangement.

A statement from the company says the proposal is from Ares Management Corporation and notes discussions on the proposal “…are at a very preliminary stage and there is no certainty that a transaction will eventuate”.

It says it continues to progress its Portfolio Review announced on 2 September 2020.

“AMP has received significant interest in its assets and businesses and is assessing a range of options in a considered and holistic manner, including continuing to pursue its three-year transformation strategy, with a focus on maximising shareholder value,” the statement says.

On its website, Ares Management Corporation says it is a “global alternative investment manager” operating integrated businesses across credit, private equity, real estate and strategic initiatives.

(Also see: AMP Completes Sale of Life Insurance Business to Resolution Life).