News: AMP says AXA merger costs to be $30M

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    Wealth management company AMP Ltd (ASX:AMP) says it expects to pay $30 million in transaction costs relating to its merger with AXA Asia Pacific Holdings Ltd (ASX:AXA). 

    AMP won approval to proceed with its $14 billion takeover of AXA in March.

    The company advises that M&A costs for the first half of 2011 include legal, financing and investment banking costs.

    AMP says it will provide an update on integration costs, as well as AXA's quarterly financial results, when it releases its first half results on 18 August.

    In the 2010 calendar year AMP reported a net profit of $775 million.

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