Australia’s AMP says Ares dropped takeover offer

Signage for AMP Ltd. adorns the top of company’s Bourke Place building in the central business district of Melbourne, Australia, on Thursday, May 10, 2018. AMP expects further payouts to customers amid an inquiry review. Photographer: Carla Gottgens/Bloomberg

(Reuters) – AMP Ltd said on Thursday U.S.-based Ares Management has pulled its buyout offer for the Australian wealth manager.

AMP will continue to hold talk with Ares regarding its interest in AMP Capital as part of the company’s porfolio review, the company said.