M and A
Shareholders Smile On Australian Wealth Managers' Merger
The shareholders of Australian Wealth Management have voted overwhelmingly to approve the firm’s merger with IOOF Holdings.
Of the AWM shareholders present and voting (94 per cent of the whole), 99 per cent voted in favour of the merger.
“Through approving the proposed merger with IOOF, AWM shareholders have recognised the future benefits the Board believes such a merger will generate. The merger with IOOF will create a leading financial services company with operations that span the entire wealth management value chain," said AWM chairman John Warburton.
The merger of the two companies is subject to the approval of the Supreme Court of Victoria and the Australian Securities and Investments Commission. Pending this approval, the merger is scheduled for implementation on 12 May 2009.
Under the deal, AWM shareholders will receive one share in IOOF for every 3.73 shares they hold in AWM.
As at 31 December 2008, AWM has A56 billion ($39.4 billion) in funds under management, administration, advice and supervision.
