ACCC delays decision on AXA bids
The Australian Competition and Consumer Commission (ACCC) has delayed its decision on two competing bids for AXA Asia Pacific Holdings.
Wednesday, March 17th 2010, 2:15PM
ACCC was due to rule this Wednesday on the bids from National Australia Bank (NAB) and AMP, however it has now said it will issue its findings on AMP's bid on April 1 and NAB's bid on April 22.
AXA Asia Pacific Holdings had wanted to finalise a deal with NAB by March 20, but this will not happen with the findings now delayed.
The ACCC's February 10 statement on issues said the NAB $13.2 billion offer proposal raised a "higher level of concern" over concentration of retail investment platforms and could make it harder for regional banks to compete.
AMP earlier made a cash and share bid which was beaten by NAB however it now seems to be reluctant to commit to a deal-partner before the ACCC makes its ruling.
Both NAB and AMP plan to sell the Asian component of AXA APH's operations to its French parent company, AXA SA and to keep the firm's Australian and New Zealand operations.
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