Deals

AMP Says $2.3 Billion Life Unit Sale ‘Unlikely’ to Proceed

Wealth manager’s shares plunge to record low as woes deepen
Conditions imposed by New Zealand central bank can’t be met

Signage for AMP Ltd. adorns the top of company's Bourke Place building in the central business district of Melbourne, Australia.
Photographer: Carla Gottgens/Bloomberg

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By Peter Vercoe and James Thornhill

July 14, 2019 at 10:34 PM UTC

Updated on

July 15, 2019 at 4:37 AM UTC

This article is for subscribers only.

Australian wealth manager AMP Ltd.’s planned overhaul of its scandal-hit business is in tatters after the A$3.3 billion ($2.3 billion) sale of its life unit collapsed. The shares plunged to a record low.

The 170-year-old firm said Monday the deal with U.K.-based Resolution Life is “highly unlikely to proceed” because of challenges in meeting conditions imposed by New Zealand’s central bank.