AMP

AMP Capital Investors NZ Ltd has waived its pre-emptive right to buy the units Australian takeover target Ronin Property Trust holds in the AMP NZ Office Trust. The pre-emptive rights are among numerous pre-emptive clauses in a deed settled when AMP Capital & Ronin became 50% shareholders in AMP Ronin Management Ltd in January. Multiplex […]

Multiplex Group’s takeover of Ronin Property Group is well on the way to completion. Multiplex reported today that it had acceptances for 74.36% of Ronin’s stock. It also said Standard & Poor’s intended to reclassify Multiplex securities for inclusion in the S&P/ASX 200 property index from tomorrow – Wednesday 17 November.

Multiplex Ltd picked up nearly 12% of Ronin Property Group on Thursday, taking its stake in the AMP property trust to 47.02%. Multiplex started its bid by acquiring the 15.7% of Ronin still held by AMP Life Ltd and declared its offer unconditional a week ago. Paladin Australia co-founder Rod Leaver formed Ronin Property Group […]

Multiplex Group declared its takeover bid for Ronin Property Group unconditional on Thursday, when it had 17.46% of Ronin stock. Multiplex took possession of AMP Life Ltd’s 15.7% holding in Ronin before announcing details of its takeover proposal at the end of September. The consideration is 0.274 of a Multiplex security plus A8c cash for […]

A feature of Multiplex Group’s proposed takeover of Ronin Property Group (containing the former AMP Office Trust in Australia) is that it will take the combined portfolio of the 2 groups in New Zealand over the $A1 billion level. Multiplex Group took possession of AMP Life Ltd’s 15.7% holding in Ronin Property Group before announcing […]

Trading in Multiplex Group and Ronin Property Trust stock in Australia was halted late on Friday, expected to resume on Tuesday. Mirvac Group denied it was talking takeover with Ronin on Thursday, while neither Multiplex nor Ronin has made any comment. The Australian activity has a bearing on property ownership in New Zealand. Ronin bought […]

Mirvac Group managing director Robert Hamilton said today Mirvac “is not currently involved in corporate activity regarding Ronin Property Group.” He was responding to media speculation that Ronin (which contains Ronin Property Trust, the former AMP Office Trust in Australia) was a takeover target for either Mirvac or Multiplex Ltd. Despite his denial, Mr Hamilton […]

$3.6 billion of loans go to HSBC and GE Commercial Finance AMP Ltd has entered into agreements to sell $NZ3.6 billion in NZ residential mortgages and Australian & NZ property finance loan assets. HSBC will acquire AMP Banking’s $NZ1.7 billion residential mortgage portfolio and, subject to customer consent, take over its $NZ390 million retail deposit […]

Westfield still to play its hand Centro Properties Group finished last week extending its offer to unitholders in the AMP Shopping Centre Trust in Australia to 19 May, and with the likelihood of its ability to take control of the whole of the AMP trust’s portfolio still up in the air. The AMP trust got […]

Results versus portfolio quality Centro Property Group chairman Brian Healey fired some hard shots at AMP Shopping Centre Trust’s directors today in support of Centro’s takeover bid, but opened up some more questions in the process. Centro’s portfolio is mostly in the subregional shopping centre category, whereas the AMP trust has focused exclusively on regional […]

Panel “manifestly incorrect” in pre-emptive rights ruling AMP Life Ltd has sought a review of the Australian Takeovers Panel’s orders last week stopping AMP Life from exercising pre-emptive rights over interests held by the AMP Shopping Centre Trust in 5 major Australian shopping centres. AMP Life said the orders were beyond the powers of the […]

Centro left in the wake Westfield Trust made an $A1/80/unit cash offer today for the 80.1% of the AMP Shopping Centre Trust it doesn’t already own. Like Centro Property Group, which also owns 20% of the AMP trust after making the 1st bid for it in March, Westfield doesn’t want AMP Life Ltd to exercise […]

Botany, Lynmall & Manukau Supa Centa would be co-managed Stockland Trust Group launched an unconditional bid on Wednesday for the AMP Diversified Property Trust, which would add $A1.9 billion of assets to Stockland’s $A3 .7 billion to make an $A5.6 billion portfolio. That portfolio includes 50% of the Botany town centre, which the AMP Property […]

AMP Life stays involved, Centro gets 3, Westfield gets 6 Westfield Holdings Ltd has done the deal to carve up the AMP Shopping Centre Trust. All that remains now is for unitholders of the AMP trust to vote in support. Westfield Trust (the holder of properties which Westfield Holdings manages & enhances) made an $A1.9 […]

Local Henderson units will stay with AMP Update, 2 May 2003: AMP Ltd completed its institutional placement today, issuing 222,222,222 shares at $A5/50/share to raise $A1.2 billion, an $A200 million oversubscription. The second part of its capital-raising in advance of a corporate split is a share purchase plan for retail investors, opening on 21 May […]

Up to $A1 billion of securities on offer AMP Ltd subsidiary AMP Henderson Global Investors Ltd lodged the prospectus today for an offer of about $A750 million of reset preferred securities (RPS), aimed at increasing the overall efficiency of the group’s capital base. Up to $A250 million in over-subscriptions may be accepted. AMP chief executive […]

2 successful bids would carve off $A3.4 billion of assets AMP Ltd issued a statement on Wednesday about the 2 takeover bids for its shopping centre and diversified property trusts, saying: “If these offers succeed, the impact on AMP is not material.” When your empire is being decimated, lopping off a few more arms & […]

Westfield joins Centro on 19.9% Westfield Trust increased its stake in AMP Shopping Centre Trust from 16.92% to 19.9% today. The AMP trust then dropped a bombshell for the initial takeover bidder, Centro Property Group, saying a successful Centro bid, including replacement of the trust manager, was likely to breach 5 co-ownership agreements (with 2 […]