- Like
- SHARE
- Digg
- Del
- Tumblr
- VKontakte
- Flattr
- Buffer
- Love This
- Save
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- JOIN
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
(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Prior to that, Ares had withdrawn a A$6.36 billion takeover proposal for the whole company, instead continuing talks over AMP Capital – considered its most valuable unit.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)