AMP cuts link to Henderson
AMP has severed one of the last remaining links to its former UK operations, announcing today that it had sold its residual stake in the Henderson Group for $212 million.
Almost two years since AMP demerged its UK operations, it continued to hold an 11.3 per cent stake in Henderson, the company comprising the assets of the Australian financial services giant’s former UK business.
The stake has now been acquired by stockbroker UBS AG and a London-based fund that has not been named.
When it demerged the business in December 2003, AMP took a 15 per cent stake in Henderson in lieu of the capital it had provided to the UK outfit.
Subsequent capital raising by Henderson had diluted AMP’s stake from 15 per cent to 11.3 per cent.
AMP chief executive Andrew Mohl said the group never intended to maintain a long-term shareholding in Henderson.
The $212 million price tag represents a price per share of $1.625, higher than the $0.89 Henderson closed at on the fist day of listing in 2003.
AUTHOR
George Liondis
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