AUSTRALIA'S NAB EXPECTED TO ACQUIRE AMP AFTER DEMERGER.
Publication: AsiaPulse News
Publication Date: 29-AUG-03
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SYDNEY, Aug 29 Asia Pulse - National Australia Bank Ltd is expected to fulfil its long-held ambition to acquire AMP Ltd (ASX:AMP) once the struggling financial services group completes its demerger this year.
Australia's biggest bank yesterday acknowledged it was the mystery buyer who carried out a A$205 million (US$130.95 million) raid on AMP's stock, lifting its stake to 5.4 per cent from 3.1 per cent.
The move was cheered by AMP's long-suffering shareholders but has raised concerns about potential job losses among union chiefs.
NAB wanted to buy up to 174 million shares - representing an 11 per cent stake in AMP -...
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