AMP share price sinks amid asset sale complications 

There's might be new drama on the AMP Capital Whole Sale Office Fund front.

Key points
  • The AMP share price is struggling today, falling 2.8% to trade at $1.06 
  • The stock's slump comes amid reports Mirvac is attempting to gain control of the AMP Capital Whole Sale Office Fund – a crown jewel of Collimate Capital 
  • AMP announced the previously set-to-be-demerged Collimate Capital could instead be purchased by Dexus on Tuesday 

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.

Man with his hand on his face looking at a falling share price chart on a tablet.

Image source: Getty Images

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.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Financial Shares

Woman with her kitten on a laptop in her home office.
Financial Shares

Macquarie Group vs AMP: Which ASX financial stock is best?

Weighing up Macquarie Group vs AMP shares? Here’s how valuation, income, and recent momentum stack up right now.

Read more »

Person holding Australian dollar notes, symbolising dividends.
Financial Shares

AFIC reveals FY27 dividend guidance and moves to quarterly payouts

AFIC sets 37c fully franked FY27 dividend and moves to quarterly payments to better support income investors.

Read more »

Man analysing data on his laptop.
Financial Shares

Steadfast vs AUB: Which insurance broker offers better value?

Steadfast Group and AUB Group go head to head: which insurance broker offers better value for Aussie investors?

Read more »

A financial expert or broker looks worried as he checks out a graph showing market volatility.
Financial Shares

Pinnacle Investment Management reports FY26 profit and Metrics funds update

Pinnacle Investment Management reports $176.7 million NPAT, with updates pending on key Metrics-managed funds.

Read more »

Two people in business attire, a man and a woman, stand facing each other solemnly.
Financial Shares

Why are Netwealth shares crashing 6% on Friday?

Here's what investors should know.

Read more »

Worried man watching his smartphone.
Financial Shares

Netwealth faces class action after compensation payments

Netwealth faces a class action relating to First Guardian options, after previously paying $101 million in member compensation.

Read more »

Businessman planning and analysing investment data.
Financial Shares

AMP vs Perpetual: Which ASX financial stock is better value?

AMP or Perpetual—see which ASX financial I favour right now for value and income in this in-depth side-by-side comparison.

Read more »

A financial expert or broker looks worried as he checks out a graph showing market volatility.
Financial Shares

Magellan Financial Group vs GQG Partners: ASX fund manager showdown

Which is the better ASX fund manager: Magellan Financial Group or GQG Partners? I weigh up dividends, valuation and share…

Read more »