NAB gains extension
(20 July 2010− Australia) National Australia Bank has reached an agreement with AXA Asia Pacific Holdings and AXA SA to extend the period the bank has to satisfy the ACCC’s concerns in relation to its proposal to acquire the Australian and New Zealand businesses of AXA APH to August 31st 2010.
The bank said in a statement that the overall deadline for the proposed scheme of arrangement to become effective has been extended until the 31st January 2011, which will allow time for the scheme process and other requirements to be completed.
As part of the extension the parties have agreed that the directors of AXA APH may decide to declare a dividend of up to 9.25 cents per share for the next six month period ending June 30th 2010.
The bank said in the statement that it will continue to pursue its options in relation to the objections of the ACCC.
As part of the extension the parties have agreed that the directors of AXA APH may decide to declare a dividend of up to 9.25 cents per share for the next six month period ending June 30th 2010.
The bank said in the statement that it will continue to pursue its options in relation to the objections of the ACCC.
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