NAB still hopeful over AXA bid

Thursday 5th August 2010

National Australia Bank is still in talks with the Australian antitrust regulator to try to surmount opposition to its $13.3 billion takeover of AXA Asia Pacific.

The Australian Competition and Consumer Commission had knocked back its original proposal, which would have seen Axa’s North investment platform merged with NAB’s own Navigator platform. The lender has subsequently been in talks with potential buyers of North.

Under NAB’s proposal it would on-sell Axa’s Asian assets to parent Axa SA of France.

“National Australia Bank today confirmed that it remains in discussions with the ACCC in relation to the proposal to acquire the Australian and New Zealand businesses of AXA Asia Pacific Holdings,” it said.

“Any material developments will be advised to the market.”

Axa’s shares were halted for the statement. NAB fell 0.7% to A$24.82 on the ASX.

Businesswire.co.nz

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