Ares Management in talks to rope in bank for joint AMP bid – The Australian

U.S.-based Ares Management Corp. is in talks with at least three Australian banks as it seeks to rope in a buyer for AMP Ltd.'s banking division as part of its A$6 billion bid for the wealth management group, The Australian reported Jan. 6, citing sources.

Ares Management is in separate, commercial-level talks with Bank of Queensland Ltd., Bendigo & Adelaide Bank Ltd. and Macquarie Group Ltd. for a joint bid. It is expected to pick a party in the coming weeks to participate in the proposed bid and acquire AMP's banking division. The company is also seeking acquirers of AMP's financial advice and wealth operations.

In October 2020, Ares Management offered to acquire all of AMP, at an implied value of A$1.85 per share. The U.S.-based company is interested in AMP's capital division, which manages A$189 billion across real estate, infrastructure and equities.

Ares Management and AMP spokesmen declined to comment on the matter, while representatives from Bank of Queensland, Bendigo and Adelaide Bank and Macquarie separately declined to comment on interest in AMP's bank, the report noted.