Stocks of the Hour: AMP, TPG & Accent Group

Company News

by Michael Luu

Financial services giant AMP (ASX:AMP) has broken talks with LA-based investment manager Ares (NYSE:ARES) over a takeover deal, as the two parties failed to reach a conclusive agreement. As an alternative restructuring solution, the company has proposed a de-merger into two separate entities “with the agility to pursue new growth in opportunities in their respective markets”. This move will ultimately detach the company’s private markets assets from its public market assets. Shares in AMP (ASX:AMP) are trading 4.44 per cent higher $1.18

Owner of 500 retail stores Accent Group (ASX:AX1) will expand its distribution network, following the acquisition of Glue Store and other exclusive fashion brands under Next Athleisure’s management for $13 million. The takeover will enable Accent (ASX:AX1) to diversify further into the mainstream fashion segment and access to distribution licenses of world-famous labels including Superego and Kappa. Shares in Accent Group (ASX:AX1) are trading 6.92 per cent higher at $2.78

Australia’s second largest internet services provider TPG Telecom (ASX:TPG) has secured its access to the super-fast 5G millimetre wave spectrum for $108.2 million in a month-long auction operated by the Australian Communications and Media Authority. Shares in TPG (ASX:TPG) are trading 1.04 per cent higher at $5.85