American Suitor Details Bid Price For AMP
If US private equity group, Ares follows through with a complete bid for all of AMP’s shares at $1.85 each, then the bid is done and dusted.
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We were founded 170 years ago on a simple yet bold idea: that financial security enabled people to live with dignity. Our founding purpose was captured by the Latin motto: Amicus Certus In Re Incerta – A sure friend in uncertain times. This deep commitment to helping clients continues and is articulated in our purpose statement today – Realise human ambitions.
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If US private equity group, Ares follows through with a complete bid for all of AMP’s shares at $1.85 each, then the bid is done and dusted.
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Struggling wealth giant AMP has confirmed that it has received a takeover proposal from an American private equity firm to acquire 100%, a move that will put the group into play.
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Shares in AMP fell more than 5% on Thursday after the wealth manager revealed another weak quarter with more than two billion dollars in investor outflows in the three months to September.
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AMP shares rose 3% yesterday in the wake of Moody’s cutting the company’s rating and pushing from the A level (high grade) into the top tier of the B level (more speculative).
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The struggling AMP has admitted that its businesses are not performing under their current ownership and has responded to pressure from unsolicited buyers and will look at possible spin-offs, sales, or demergers.
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Citi analysts remain of the view that the optimum strategy for the AMP board to release value for shareholders is through spinning off some of the divisions. Neutral/High risk rating remains in place while the price target has improved to $1.60 from $1.55.
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AMP has received final regulatory approval for the sale of the life business. Macquarie estimates this leaves AMP with around $950m in excess capital.
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AMP has withdrawn 2020 guidance, but the sale of Life and NZ is progressing. The broker has marked to market for funds under management but also adjusted remediation assumptions (80% already paid) to remove some duplication of earlier numbers.
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Citi analysts have been of the view that, at best, AMP is looking forward to a long road to recovery, and that view hasn't changed. Hence why the rating remains Sell/High Risk. Estimates have been lowered post the release of FY19 financials.
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The broker calls AMP's earnings result "fairly sound" with strong performances in other businesses offsetting pressures in wealth management. The focus was on the probable sale of Life at a rebased price, a $650m equity raise that will be some -15% dilutive and $300m of targeted cost-cuts by FY22.
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