NZCC clears AMP’s AXA purchase
(22 June 2010 – New Zealand) AMP has been given clearance by New Zealand’s competition regulator to acquire the Australasian operations of AXA Asia Pacific.
AMP has welcomed the news that the New Zealand Commerce Commission has given the acquisition the green light, however has not yet decided whether it will submit a higher bid to knock National Australia Bank out of the lead.
AMP’s bid was originally part of a joint proposal made with France’s AXA SA to buy the New Zealand and Australian businesses of AXA Asia Pacific for A$12.8 billion, however NAB overtook the bid offering A$13.2 billion.
Mark Berry, chairman of the Commerce Commission said yesterday that the acquisition would not have, or would not be likely to have the effect of substantially lessening competition in any of the affected markets.
The Commerce Commission reviewed the possible impact of the potential acquisition on each of the national markets for providing products and services in wealth protection, retail and wholesale funds management, and financial planning and advisory services.
A merger between AMP and Axa APH's Australian and New Zealand businesses would create a fifth pillar in the critically important financial services sector and would create a stronger wealth manager to better serve the Australian and New Zealand communities, AMP said in a statement.
AMP’s bid was originally part of a joint proposal made with France’s AXA SA to buy the New Zealand and Australian businesses of AXA Asia Pacific for A$12.8 billion, however NAB overtook the bid offering A$13.2 billion.
Mark Berry, chairman of the Commerce Commission said yesterday that the acquisition would not have, or would not be likely to have the effect of substantially lessening competition in any of the affected markets.
The Commerce Commission reviewed the possible impact of the potential acquisition on each of the national markets for providing products and services in wealth protection, retail and wholesale funds management, and financial planning and advisory services.
A merger between AMP and Axa APH's Australian and New Zealand businesses would create a fifth pillar in the critically important financial services sector and would create a stronger wealth manager to better serve the Australian and New Zealand communities, AMP said in a statement.
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