Australian wealth manager AMP Ltd will not seek to extend its exclusive agreement with France’s AXA SA on a joint $11.4 billion bid for AXA’s Australian unit, sources tell Reuters, opening the door for rival bidder National Australia Bank Ltd to start talks with AXA SA.
Shares in Thailand’s Thanachart Capital jump ahead of the announcement of the winning bid for a stake in Siam City Bank (SCIB), for which its Thanachart Bank is the frontrunner. Kaohoon newspaper reports that Thanachart Bank, also 49 percent owned by Canada’s Bank of Nova Scotia, has put in the highest bid of around $958 million for the 47 percent stake, beating HSBC.
In other M&A and corporate finance news reported by Reuters and other media on Wednesday:
Dubai World’s investment arm Istithmar has put port and shipping agent Inchcape Shipping Services up for sale for $600 million to $700 million and has attracted interest from private equity groups, the Financial Times says.
Britain’s consumer watchdog has asked for a say in the planned merger of the UK arms of France Telecom’s Orange and Deutsche Telekom’s T-Mobile, raising the threat of at least a delay to any deal.