Good move for both I guess, Suncorp also mentioned as a takeover target.
"Giant conglomerate Wesfarmers has reportedly begun inquiries about the worth of AMP, tapping industry sources to get a handle on the true value of the $16.7 billion wealth management firm. While a deal is not seen as imminent, the WA-based suitor is believed desperate to get a foothold in the finance sector.
Adding to the speculation is news that Wesfarmers has dropped its push for a $150 million financial licence, in a potential sign of confidence in securing a licence via acquisition, while the recent divestment of its insurance business allays competition fears.
Suncorp is also rumoured to be in Wesfarmers sights, with a buyout of either firm to cost over $20bn once a takeover premium is factored in."
AMP Price at posting:
$5.65 Sentiment: None Disclosure: Not Held
WES Price at posting:
$43.35 Sentiment: None Disclosure: Held
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