Business Services Industry
Mohl makes a mountain out of demerger.
Australasian Business Intelligence, October, 2003
Oct 28, 2003 (Independent Financial Adviser - ABIX via COMTEX)
The demerger of AMP is going ahead. The financial services group has published an explanatory memorandum about the merger in Australia. The Federal Court of Australia earlier gave approval for a shareholder vote on the demerger. The extraordinary general meeting will be held on 9 December 2003. The UK operations of AMP will be split off and renamed HHG. The memorandum noted that the chief executive officer, Andrew Mohl, will have a pay cut of 28. He will be given a one-off retention payment of $A2.25 million. Meanwhile, the large National Australia Bank (NAB) has confirmed that it is interested in AMP. It has held discussions with the competition watchdog, which is not likely to block this...
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