AMP denies merger talks
AMP has responded to media speculation that it has been in discussions regarding a merger with the National Australia Bank.
The Australian and Australian Financial Reviewnewspapers stated yesterday that the two groups had been in talks for some time this year with a view to merge.
In a statement to the Australian Stock Exchange (ASX) AMP said it would not respond to the claims but after it was queried by the ASX the financial services giant to said it had to break its self imposed silence on media speculation.
In replying to the ASX, AMP chief executive Paul Batchelor says there were "no discussions whatsoever in 2001 between AMP and National Australia Bank regarding a merger or takeover."
Batchelor confirmed the company's policy of remaining silent on speculation but says it broke the silence reluctantly because the comments were not in “shareholders interests for the company to become hostage to such mischevious reports.
He also says he hopes AMP statement will end such rumours which he claims are adversely impacting the company's staff, customers and shareholders.
AMP’s statement is the second response to one of the two market regulators in the last month. In late July the Australian Securities and Investment Commission examined the disclosure practices of the group after the ASX notified ASIC of selective analyst briefings given by AMP.
AMP maintained that the briefings were not designed to release information to limited sections of the market and has since worked with ASIC in the development of new disclosure procedures.
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