US asset manager makes bid for AMP

In a statement to the market on Friday, AMP confirmed that it had "received an indicative, non-binding, conditional proposal from Ares Management Corporation, a US-based company, to acquire 100 per cent of the shares in AMP Limited by way of scheme of arrangement".

"AMP notes discussions on the proposal are at a very preliminary stage and there is no certainty that a transaction will eventuate," the group said.

AMP said it continued to progress its portfolio review announced in September.

"AMP has received significant interest in its assets and businesses and is assessing a range of options in a considered and holistic manner, including continuing to pursue its three year transformation strategy, with a focus on maximising shareholder value," the group said.