Now for the Victorian Supreme Court decision next week after AXA Asia Pacific Holdings (AXA APH) minority shareholders have voted in favour of the AMP $14.3 billion merger proposal.
The meeting of shareholders in Melbourne greenlighted the two motions yesterday after the Federal Government cleared the deal on Tuesday night with some minor conditions about employment.
The proposed merger has been unanimously recommended by the independent directors of AXA APH’s board, and has received all necessary regulatory approvals.
The court hearing is on March 7, with the merger implementation date expected to be March 30.
In a statement issued late yesterday AXA APH Chairman, Rick Allert, said: “This is an historic moment for AXA APH.
After more than 15 years as a publicly listed company, minority shareholders have overwhelmingly approved the Proposal today.
“It has been a lengthy process since the first proposal for AXA APH was made more than a year ago.
The Board extends its thanks to management and staff whose commitment and professionalism helped ensure the business continued to operate strongly throughout this time.
“AXA APH has had a successful record as a public company and has been at the forefront of the evolution of the financial services industry in Australia, New Zealand and Asia and we are handing the business over in good shape.
“The final proposal approved by minority shareholders provides them with a combination of cash and AMP shares, allowing shareholders to maintain an investment in AXA APH’s Australian and New Zealand businesses.”
Axa shares ended up 7c at $6.40, while AMP shares slipped 6c to $5.29.
