Ares Management has shelved its $6 billion takeover offer for Australian wealth manager AMP Capital four months after offering to acquire the company in full, according to various news sources.
In October 2020, Ares Management pledged to purchase AMP, just six weeks after the company listed itself for sale.
A reason for the shelving of the offer could not be immediately gleaned; however, Australia Financial Review reports that AMP’s assets under management in its financial advice and superannuation businesses fell 8 percent — or by $8.3 billion — in 2020, and AMP Capital suffered a 7 percent decrease in assets under management, representing a loss of $13.3 billion.
Shares in the company reportedly fell 10 percent after Ares rescinded its bid.
AMP Capital has not disclosed if there were any other potential buyers of the company; however, Francesco De Ferrari, CEO of AMP, stated: “For Ares, AMP Capital is a very attractive asset. It’s int