New company to list on the Australian stock market AMP announces A$200 million share buyback Expensive separation costs to be funded by shareholders - UBS (Recasts with detail, background, analyst comment)
SYDNEY, April 23 (Reuters) - Embattled Australian wealth manager AMP Ltd has ended protracted talks with Ares Management Corp to sell its asset management arm’s private markets business, instead on Friday announcing it will spin off and re-brand the unit.
As part of the new plans, which come months after Ares had downgraded a proposal to purchase the whole company for $4.9 billion to a plan to take a majority stake in AMP Capital’s private business, AMP will kick-start a A$200 million ($154 million) share buyback.
By Reuters Staff
(Adds CEO, background)
OSLO, April 12 (Reuters) - Norwegian Air has won approval from creditors in Norway to restructure its debt and an Oslo court has approved the plan, the airline said on Monday, clearing the way for it to raise new capital and emerge from bankruptcy next month.
Financed largely by debt, Norwegian Air grew rapidly, serving routes across Europe and flying to North and South America, Southeast Asia and the Middle East before the COVID-19 pandemic plunged the airline into crisis.
Its survival plan announced last year brings an end to its long-haul business, leaving a slimmed-down carrier focusing on Nordic and European routes.
By Reuters Staff
(Adds CEO, background)
OSLO, April 12 (Reuters) - Norwegian Air has won approval from creditors in Norway to restructure its debt and an Oslo court has approved the plan, the airline said on Monday, clearing the way for it to raise new capital and emerge from bankruptcy next month.
Financed largely by debt, Norwegian Air grew rapidly, serving routes across Europe and flying to North and South America, Southeast Asia and the Middle East before the COVID-19 pandemic plunged the airline into crisis.
Its survival plan announced last year brings an end to its long-haul business, leaving a slimmed-down carrier focusing on Nordic and European routes.