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AMP-AXA APH merger closes

AMP-AXA APH merger closes

The $13.3 billion acquisition of AXA Asia-Pacific Holdings' (ASX:APH) Australia and New Zealand operations by AMP (ASX:AMP) closed on Wednesday.

As a result of the merger, AXA APH is now wholly-owned by AMP group.

AMP issued nearly 695.3 million new shares to former AXA APH shareholders at the equivalent of $6.43 per share, as well as a $2.55 cash component for each share purchased.

These new shares will begin trading on Thursday under AMP's ticker code, and AXA APH is expected to be delisted at the end of the day.

To complete the arrangement, as proposed in November, AMP will now prepare to sell AXA APH's Asian businesses to AXA SA - AXA APH's former parent - in a deal expected to close on Friday April 1.

AXA APH's entire nine member board has meanwhile stepped down as a result of the closing of the merger. AMP CFO Paul Leaming, executive director Simon Hoole and deputy CFO Colin Storrie have taken their place.

Heather Morris has meanwhile taken over as company secretary from Kevin Keenan and Darryl Mackay.

AMP shares grew 1.86% on Wednesday to a month-long high of $5.470.

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Tags Heather MorrisASX:AMPColin StorrieKevin KeenanampAXA Asia PacificDarryl MackayASX:AXA

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