Regulator plays truant as NAB proposes to AXA Asia Pacific
12 Feb 2010
The Australian Competition and Consumer Commission (ACCC) said it needs more time to take a decision on the $13.29 billion bid proposed by National Australia Bank (NAB) for Melbourne-based AXA Asia Pacific Holdings Ltd.
In its 'statement of issues' released on Wednesday, the competition watchdog said it was concerned about the high level of concentration in the retail investment sector after the acquisition, and deferred its decision on the bid.
In a media release, the regulator said it will call for further information on competition issues related to both proposals by 26 February and hopes to make a final decision by 17 March.
Sydney-based wealth manager AMP Ltd. had earlier evinced interest in AXA's Australia and New Zealand operations, with NAB bidding for the Asian assets.
They have put up a sweetened offer in December, $4.4 billion for the Australasian operations and $9.6 billion for the Asian division.
Later on, NAB trumped AMP's offer with a $13.29 billion all-cash bid for AXA Asia Pacific, which valued the Australian and New Zealand businesses at $4.6 billion.
