Deals
Ares Scraps $4.9 Billion Bid for Australia’s AMP; Shares Slump
- U.S. firm still discussing potential deal for AMP Capital unit
- Long-suffering investors hit as dividend scrapped again
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AMP Ltd. may be forced to sell its business in pieces after Ares Management Corp. scrapped a A$6.4 billion ($4.9 billion) bid for Australia’s oldest wealth manager, sending shares tumbling in the latest setback for long-suffering investors reeling from years of scandal.
Ares told AMP that it doesn’t intend to proceed with its bid for the whole company after making an indicative offer last year, according to an AMP statement Thursday. The U.S. private equity firm is still interested in AMP Capital, the firm’s A$190 billion asset management unit that invests across unlisted real estate, infrastructure and global markets.