Australian global infrastructure investor AMP Capital, which owns infrastructure assets across the UK, Europe and North America, has confirmed it is the subject of several potential takeover offers, as its parent company AMP posted another year of losses.
AMP, which has gone through four years of turmoil following revelations in 2018 it had been routinely charging customers for financial advice without providing any service, plans to spin off its asset management arm and list it on the Australian stock exchange later this year.
AMP Capital has around A $ 178bn (US $ 128bn) in assets under management, including A $ 25.9bn in infrastructure assets, making it one of the largest infrastructure investment managers in the world.
AMP has already agreed to sell the equity and fixed income arm of AMP Capital to Macquarie Group, and has sold its life insurance business to Resolution Life. Once AMP Capital is spun off, the remaining company will specialize in wealth management and banking.
On Thursday AMP confirmed market speculation that more than one potential buyer had made approaches to acquire AMP Capital, which it said it would rename Collimate Capital. Unconfirmed reports in The Australian newspaper suggested prospective buyers included overseas bidders.
“AMP has noted market speculation regarding potential interest in the AMP Capital business. AMP confirms it has received inbound inquiries regarding the AMP Capital business, which is not unusual at this point in a demerger preparation process,” the company said in a statement to the Australian. Securities Exchange.
“AMP will consider any approaches in line with its obligation to act in the best interests of shareholders.”
AMP posted a full year loss of A $ 252mn.