AMP Takeover Update
AMP Takeover Update
Back in November 2020, AMP a takeover offer from the American company ARES to buy the whole AMP business.
In November 2020, I created a video and a post with a purpose to warn everyone who owns shares in AMP, who has investments, or superannuation or a pension fund or even insurance with AMP, to stay alert, as if the AMP sale gets through, you might not know who would be controlling your money.
After few months of discussion and negotiation, a very surprising occurrence happened. ARES decided to dump AMP and not to proceed with the offer any longer.
Before you start jumping with joy, thinking that’s fantastic, AMP stays in Australia, I don’t have to worry about anything – well…… think again.
Honestly, we should ask a question: What is the reason that the company such as ARES, that buys other businesses for a cheap price, would reverse out of the offer and not go ahead with buying AMP.
Well, as it turned out, AMP was on a huge profit loss of 33% to the year before and ARES decided that the offer of $1.85 per AMP share obviously was too high.
Once the news was out, AMP share price tumbled down to $1.30.
When you look into the history of AMP, in 2007 AMP shares were over $10.00, so there is an inherent problem with this company, being on losses almost ever since. Last year AMP scaped the dividend, we do not know what is going to happen this year.
The only attractive part of AMP business is AMP Capital – which is a very well-known and respected fund manager, however AMP Banking & AMP Wealth Management, as well as NZ Wealth Management, are on huge losses.
Many financial planners left the company, many investors and policyholders left as well, and for a good reason.
So, if you have investments, superannuation, pension, insurance with AMP – seek good professional advice, there are lots of choices to keep your savings where you don’t have to worry if your money is there tomorrow.
If you are unsure what to do, just reach out, email me, so we can chat, and I can assist you.
Say Hi on Social
13 Financial Mistakes We All Make
Katherine has been a lifesaver for my Husband and I.
My Aged Care Avatar! Katherine has aided me both emotionally and financially.
Katherine Isbrandt has been my Financial Advisor for nearly 16 years..
For me, the nickname I gave her back then of ‘Wonder Woman ‘ still stands!
More Great Read
12 Principles of Investing
A tiny request: if you liked this article, please share it
Most people don’t share articles, thinking that one share will not make a difference, but believe when I say, each article takes hours of putting it together, and I create them as I really want to make a difference in people’s lives.
So thank you so much for your support. Not only you will seriously help this blog to grow, but more importantly you will help people who might need this information and advice.
Some great suggestions how you can share it:
- Pin it!
- Share it on Facebook
- Tweet it
- Email to your friends and colleagues
It won’t take any more than 10 sec, as I’ve created all share buttons here for your convenience.
Just pick your favourite button from the left side of this post, write your note and it’s done. THANK YOU
Investing for Income and Growth in Retirement Investing for Income and Growth in Retirement Did you know that unlike 20 years ago, today over-55s account for more that 19% of the workforce. This number is expected to grow to about 40% by 2050 according to the Centre...
What Happens to Your Super When You Die What Happens to Your Super When You Die For most Australians, superannuation is the second biggest asset we have. It is one of the most used forms of savings for the future, but our super money is sitting in one of the most...
Downsizer Contributions to super – Who can benefit Downsizer Contributions to super– Who can benefit Last week we were discussing the Downsizer Contribution, what type of contribution that is, how it works and what are the rules that you have to meet to be eligible to...