The AMP Ltd (ASX: AMP) share price is falling on Friday. The dip comes as the company's approximately $8 billion wholesale office fund faces a poaching attempt.
Mirvac Group (ASX: MGR) is aiming to fight for control of the AMP Capital Whole Sale Office Fund (AWOF) ahead of the potential takeover of Collimate Capital.
At the time of writing, the AMP share price is $1.06, 2.76% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is also struggling today, slipping 1.6%.
Let's take a closer look at today's reports of the embattled financial services company.
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Is AMP facing another battle for AWOL?
The AMP share price is in the red on Thursday. The dip comes amid Mirvac throwing a potential complication at what reportedly could be a $300 million takeover.
An AMP spokesperson confirmed that Mirvac has proposed it take control of the fund.
Mirvac has asked the fund's trustee to engage with its proposal and allow it to conduct due diligence, reports The Australian.
The fund's trustee has asked the AWOF independent commission to consider Mirvac's request.
Mirvac was among the contenders for the management of AWOF when the fund's management was questioned last year. AMP Capital's private markets business – since renamed Collimate Capital – ultimately kept its grasp on AWOL in November.
Until recently, AMP intended to simply demerge its private markets business. However, that plan has been flipped on its head, with the financial services company now in discussions to sell it.
It announced it's in talks with multiple parties interested in purchasing Collimate Capital, including Dexus Property Group (ASX: DXS), on Tuesday. The AMP share price rose 0.94% in response to the news.
Mirvac's proposed management of AWOL reportedly has the backing of major super funds and some AWOL investors. Though Dexus is said to be preferred by many investors.
The super funds are reportedly discontent with the fund's current management and the shifting future of Collimate Capital.
AMP share price snapshot
AMP is recovering from a disastrous 2021 wherein its share price fell 35%.
The company's stock has gained 5% year to date. Though, it's still 6% lower than it was this time last year.
