AMP Ltd
(ASX:AMP) says it has satisfactorily completed due diligence on AXA Asia Pacific Holdings Ltd
(ASX:AXA) which it plans to acquire for $13 billion.
AMP expects to put the deal forward to AXA shareholders in the first quarter of 2011.
If the proposed acquisition is successful, AMP will retain AXA’s Australia and New Zealand operations while AXA’s French parent, AXA SA, will buy back the company’s Asian operations.
Last month, AMP won over AXA’s independent directors after trying to buy the company for almost a year.
For the half year ended 30 June 2010, AMP reported a net profit of $412 million.
