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AMP shares suspended pending statement

Monday 15th November 2010

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AMP, the Australian wealth manager that has resumed takeover talks with AXA Asia Pacific, had its stock halted from trading in New Zealand pending a statement.

AMP Group Finance Services' NZDX-listed 2014 notes were also halted. Axa AP turned down a 2009 takeover proposal from AMP in favour of a A$13.3 billion offer from National Australia Bank, which was subsequently rejected by Australia's antitrust regulator.

AMP resumed talks with AXA SA, the biggest shareholder in the Australia-based AXA business. Under AMP's original offer, AXA SA would acquire the target company's Asian operations and AMP would scoop up the businesses in Australia and New Zealand.

Shares of AMP jumped 17 cents to $6.80 on the NZX on Friday. AXA AP was last at A$5.78 on the ASX, valuing the company at A$11.9 million.

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