Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

S&P/ASX 200 News, IOOF & AMP Deal in Focus

Here are today’s headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles.

First, here are the data points:

Australian Dollar ($A) (AUDUSD): 72.24 US cents

Dow Jones (DJI) : up 0.7%

Oil (WTI): $US75.44 per barrel

Gold: $US1,193 per ounce

Australian Finance News

Wealth management company IOOF Holdings Limited (ASX: IFL) updated Australian investors on its acquisition of Australia and New Zealand Banking Group’s (ASX: ANZ) financial planning groups.

IOOF said it has finalised legal contracts, establishing full ownership of the planning businesses from October 1st. It has also substantially completed financial arrangements for the acquisition of the ANZ One Path Pensions and Investments business (ANZ P&I).

IOOF stated: “Final completion of the acquisition of the ANZ P&I business acquired by IOOF will take place after successful completion of a successor fund transfer (which separates the ANZ P&I business products from OnePath Life), which is expected to occur towards the end of March 2019.”

Also in mergers and acquisitions (M&A) news, the takeover offer by Propertylink Group (ASX: PLG) for Centuria Industrial REIT (ASX: CIP) has been rejected by the independent board of Centuria. Its been a case of cat and mouse turns mouse and cat between PropertyLink and Centuria.

Regarding the offer for the Centuria REIT (CIP), an independent board said Propertylink’s proposal resulted in too much uncertainty for investors and the price of the shares/securities offered by Propertylink (PLG) is “inflated due to potential corporate activity”.

Specifically, Propertylink itself is the target of a takeover offer from ESR Real Estate (ESR). “The ESR group holds a 19.89% relevant interest in PLG and relevantly, ESR’s Proposal is conditional upon PLG not proceeding with the Proposal for CIP,” Matthew Hardy, the board of the independent committee said in an ASX release.

Finally, AMP Limited (ASX: AMP) could find itself (again) as the target of regulatory scrutiny. According to Fairfax, corporate regulator ASIC will launch legal action against AMP within weeks. AMP allegedly misled ASIC on numerous counts and has repeatedly found itself in hot water over misconduct within its financial advice businesses, the Royal Commission revealed.

The Best* Finance Podcast On Earth

The Rask Group’s Australian Investors Podcast is fast becoming Australia’s #1 podcast for serious investors. It provides unique insights from Australia’s best investors, entrepreneurs, authors and financial thinkers. Download the latest episode free on iTunes,  CastboxYouTube or wherever you choose to listen.

Here’s a timeless interview with former stockbroker, Charlie Aitken.

*As voted by us

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account.

(Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Skip to content