(9 August 2010−Australia)It has been confirmed by the Australian Competition and Consumer Commission that National Australia Bank has offered the divesture of AXA Asia Pacific’s North platform to the IOOF Limited in an effort to get the consumer watchdog to allow the acquisition.The ACCC said in a statement today, that it is now seeking views from market participants to assist its consideration of the undertakings and of IOOF as a proposed purchaser of the divestiture business and to determine whether the proposed divestiture would be likely to alleviate the ACCC’s competition concerns.
The ACCC also said that it would then decide whether to accept or reject the proposed undertakings, including IOOF as a proposed purchaser of North.