AMP completes due diligence on AXA Asia Pacific

SYDNEY (BestGrowthStock) – Australian fund manager AMP Ltd (AMP.AX: ), which plans to acquire AXA Asia Pacific (AXA.AX: ) for $13 billion, said on Thursday it has satisfactorily completed due diligence on the target and expects to put the deal to AXA shareholders in the first quarter of 2011.

AMP will retain the Australia and New Zealand operations of AXA Asia Pacific to turn to the top wealth manager in the region, while the target’s French parent AXA SA (AXAF.PA: ) will buy back the Asian operations.

(Reporting by Narayanan Somasundaram; editing by Balazs Koranyi)

AMP completes due diligence on AXA Asia Pacific