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AMP, Axa merger takes effect

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By Vishal Teckchandani
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3 minute read

The merger of AMP and Axa Asia Pacific Holdings Australian and New Zealand businesses has been implemented.

Axa Asia Pacific Holdings (Axa APH) is now officially wholly owned by financial services group AMP following the implementation of the scheme of arrangement.

"All shares in Axa APH have now been transferred to AMP," Axa APH said.

"An application has been made to remove Axa APH from the official list of the ASX (Australian Securities Exchange)."

It is expected Axa APH will be delisted at the close of trade today.

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Axa APH said that as a result of the implementation of the scheme, Rick Allert, Patricia Akopiantz, Michael Butler, Paul Cooper, John Dacey, Anthony Froggatt, Paul Sampson and Peter Sullivan had resigned as directors.

Andrew Penn has also resigned as a director of Axa APH.

Paul Leaming, Simon Hoole and Colin Storrie have been appointed as directors of Axa APH.

Completion of the sale of Axa APH's Asian businesses to Axa SA is expected to occur by 1 April.

AMP and its Axa Australia and New Zealand businesses have close to 3000 financial planners, 6000 staff and nearly $130 billion in funds under management.