ACCC considers new proposition
(5 August 2010−Australia) AXA Asia Pacific Holdings has placed its shares under a trading halt as the Australian Competition and Consumer Commission decides whether to allow National Australia Bank’s A$13.3 billion takeover to proceed.
The bank said this morning that talks were still continuing with the competition regulator over its plans to acquire AXA Asia Pacific Holdings and that ‘any material developments would be advised to the market’.
AXA has said that the group’s shares would be placed under a trading halt until Monday the 9th of August or until the release of a company announcement.
National Australia Bank hopes that the sale of AXA Asia Pacific’s North Platform to fund manager IOOF Holdings and a promise to divert business to the fund manager will be enough to win over the regulator.
Earlier this week AXA APH’s reported a 19 percent drop in the group’s first-half net profit to A$219.2 million.
Chief executive Andrew Penn said weak global equity markets, economic problems in Europe, as well as regulatory uncertainty over the superannuation industry were combining to undermine investor confidence.
Investors have remained quite cautious about investing, and that means across the broader wealth management sector we've seen lower inflows, Mr Penn added.
AXA has said that the group’s shares would be placed under a trading halt until Monday the 9th of August or until the release of a company announcement.
National Australia Bank hopes that the sale of AXA Asia Pacific’s North Platform to fund manager IOOF Holdings and a promise to divert business to the fund manager will be enough to win over the regulator.
Earlier this week AXA APH’s reported a 19 percent drop in the group’s first-half net profit to A$219.2 million.
Chief executive Andrew Penn said weak global equity markets, economic problems in Europe, as well as regulatory uncertainty over the superannuation industry were combining to undermine investor confidence.
Investors have remained quite cautious about investing, and that means across the broader wealth management sector we've seen lower inflows, Mr Penn added.
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