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AMP shares boom after buyout offer

Steven Deare
·1-min read

AMP shares have rocketed by almost 20 per cent after it received an acquisition offer from US investment group Ares Management Corporation.

AMP on Friday told the share market that Ares had offered to buy all shares but talks were preliminary and a sale was no certainty.

Ares deals in private equity, credit and property and is listed on the New York Stock Exchange. It has an office in Sydney.

AMP last month said it had received unsolicited expressions of interest for its assets and businesses.

Company bosses are considering the submissions and reviewing all parts of the business.

AMP in August reported a first-half underlying profit of $149 million, down from $256 million for the same period last year, due to COVID-19 impacts.

Shares were higher by 19.73 per cent to $1.53 at 1121 AEDT.