AMP Has No Timetable For AXA Takeover - Source
22 9월 2010 - 6:44PM
Dow Jones News
Australian insurance group AMP Ltd. (AMP.AU) has no timetable
for deciding whether to reactivate its long-delayed takeover of
wealth manager AXA Asia Pacific Holdings Ltd. (AXA.AU), a person
familiar with the transaction said Wednesday.
AMP, which made a A$4 billion bid for the Australia and New
Zealand operations of AXA S.A. (AXAHY) last November, was trumped
by a higher A$4.6 billion bid by Australian bank National Australia
Bank Ltd.
However, that bid was rejected by the Australian Competition and
Consumer Commission and NAB withdrew its offer last week.
Some investors expected AMP to make an immediate move for the
wealth manager, but the person familiar with the transaction said
that was not on the cards.
"There is no timetable being worked towards," the person
said.
Reuters reported earlier Wednesday that AMP would take at least
a month to decide whether to revive its bid, citing two unnamed
sources.
The sources said AMP hasn't formally decided to make another
offer and might still walk away, the report said, quoting one
source as saying: "The earliest one could be looking at is weeks,
hopefully not months but weeks."
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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