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AMP tidies up AXA AP offer, seeking Commerce Commission approval to acquire assets

Monday 3rd May 2010

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AMP has sought approval from the Commerce Commission to acquire AXA Asia Pacific after a rival bid from National Australia Bank was knocked back.

The Australia-based financial service firm already has approval of Australia’s antitrust regulator, the ACCC, for the deal, having shot down NAB’s A$13.3 billion bid for AXA AP, saying it would lessen competition in the wealth management market.

Both AXA and AMP have wealth protection operations in Australasia. Under the proposal, AMP would buy AXA’s Australian and New Zealand assets and business of AXA AP. AXA SA owns 54% of AXA AP.

NAB is weighing its next move in challenging the ACCC either in court or with a revised offer. It said the regulator erred in its ruling by miscasting the relevant market. Shares of AMP rose 0.6% to $6.30 and AXA gained 0.5% to $6.22 on the ASX today.

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