AMP AXA want stake exemption

The merger of AMP and AXA in Australia has created a 20.3 per cent stake in New Zealand company Skellerup Holdings, which is over the 20 per cent trigger for a takeover offer.

Takeovers Panel chief executive Kerry Morrell said AMP AXA had an application before the panel in relation to the Skellerup stake and it would be consistent with the panel's policy on upstream acquisitions to grant an exemption for the combined stake.

AMP AXA confirmed the application and said the company had no intention of acquiring additional shares in Skellerup.

Skellerup's acting chief executive, David Mair, said he received a phone call on Friday advising him of the issue.

He said AMP Capital Investors had just under 20 per cent of the company before the merger and it would be disappointing if they had to sell shares to get the combined stake below 20 per cent.

"AMP have been fantastically supportive of our company over the last few years," he said.

The A$14 billion ($18.9 billion) acquisition of AXA Asia Pacific Holdings by AMP Financial Services Holdings became effective on March 31 and substantial security holder notices are being filed with NZX.

The merged AMP AXA owns 7.024 per cent of Fletcher Building, 6.28 per cent of Fisher & Paykel Appliances, 5.582 per cent of SkyCity Entertainment and 6.209 per cent of Fisher & Paykel Healthcare.

The situation is complicated as AMP's funds management arm in New Zealand, AMP Capital Investors, has always reported directly to AMP's head office.

AXA New Zealand's funds have their own arrangements and mandates but the combined stakes are being reported together.

- NZPA