(27 January 2010 – Australia) National Australia Bank has announced the completion of its due diligence on AXA Asia Pacific.The bank has made a bid to buy the wealth manager’s Australian and New Zealand businesses for A$12 million.
However, NAB cannot press forward with talks about the takeover, which involve acquiring the Australasian businesses and selling the Asian units back to the parent company, until an exclusivity agreement between AMP and AXA dissolves in early February.
The NAB proposal remains subject to a number of important factors, including reaching an agreement with its French parent company, AXA SA.