AMP Has No Timetable For AXA Takeover

Australian insurance group AMP Ltd. (AMP.AU) has no timetable for deciding whether to reactivate its long-delayed takeover of wealth manager AXA Asia Pacific Holdings Ltd. (AXA.AU), a person familiar with the transaction said Wednesday.

AMP, which made a A$4 billion bid for the Australia and New Zealand operations of AXA S.A. (AXAHY) last November, was trumped by a higher A$4.6 billion bid by Australian bank National Australia Bank Ltd.

However, that bid was rejected by the Australian Competition and Consumer Commission and NAB withdrew its offer last week.

Some investors expected AMP to make an immediate move for the wealth manager, but the person familiar with the transaction said that was not on the cards.

"There is no timetable being worked towards," the person said.

Reuters reported earlier Wednesday that AMP would take at least a month to decide whether to revive its bid, citing two unnamed sources.

The sources said AMP hasn't formally decided to make another offer and might still walk away, the report said, quoting one source as saying: "The earliest one could be looking at is weeks, hopefully not months but weeks."

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

Axa Asia Pacific Holdings (ASX:AXA)
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