
Please try another search
(Reuters) - Wealth manager AMP (OTC:AMLTF) Ltd said on Monday that U.S.-based Ares Management (NYSE:ARES) Corp was interested in buying a 100% stake in its asset management arm's private markets business, at the end of a 30-day exclusivity period between the two parties.
AMP said it and Ares continued to work towards a potential deal, with Ares showing interest in buying the entirety of the private markets businesses, against an initial plan for Ares to buy a 60% stake for A$1.35 billion ($1.03 billion).
Under the earlier plan, AMP would retain 40% of the AMP Capital unit, which deals in infrastructure and real estate investments, with the joint venture between the two companies valued at A$2.25 billion.
Prior to that, Ares had withdrawn a A$6.36 billion takeover proposal for the whole company, instead continuing talks over AMP Capital - considered its most valuable unit.
The wealth manager has seen its value plunge in recent years after a banking royal commission revealed widespread misconduct by the company, leading to an exodus of clients even as other scandals came to light.
Just last week, a media report said AMP's CEO was resigning, forcing the company to reiterate twice that he had not quit, although it confirmed succession-planning discussions were on, raising questions about its leadership stability.
($1 = 1.3089 Australian dollars)
HONG KONG (Reuters) - Beijing's top representative in Hong Kong said on Thursday that any foreign powers that try to use the global financial centre as a pawn will face counter...
(Reuters) -More than 100 U.S. companies including Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN), Ford Motor (NYSE:F) Co and Starbucks Corp (NASDAQ:SBUX) have declared...
By Swati Pandey SYDNEY (Reuters) - Asian shares were on the backfoot on Thursday following mixed cues from Wall Street where a sharp sell-off in the largest bitcoin exchange...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.