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AMP granted clearance to buy AXA

Monday 21st June 2010

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The Commerce Commission has granted clearance for AMP to acquire the Australian and New Zealand operations of AXA Asia Pacific Holdings.

Commerce Commission chair Dr Mark Berry said the Commission was satisfied that the proposed acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in any of the affected markets.

The Commission considered the impact of the acquisition on each of the national markets for the provision of wealth protection products and services, retail funds management products and services, wholesale funds management products and services and the financial planning and advisory services.

The Commission considers that competition from existing participants in the affected markets would be sufficient to constrain the merged AMP and AXA.

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