AMP fails to reach a deal to sell part of business; ASX rises

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A 30-day exclusivity period on a proposed deal between AMP and US firm Ares expires, as speculation around the AMP CEO's future continues. The local share market gains ground.

, before the company confirmed that the board and Mr De Ferrari were "constructively discussing the future strategy and leadership of the group", which will be further reduced in size if the private market sale eventuates.

The tariffs applied from yesterday and will remain in place for at least five years, after the final determination of anti-dumping and countervailing investigations by China's Ministry for Commerce. In February, Treasury announced a 43 per cent drop in half-year profit and said it expected "extremely limited" demand for its wine in China and would pursue other markets.

 

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A failed board...should list AMP Capital on the market and give 51% of the shares to current shareholders. More value than a sale. Let the owners decide

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