AMP seeks NZ approval for AXA APH
(6 May 2010 – Australia) AMP continues to position itself for a potential renewal of its bid for AXA Asia Pacific Holdings, applying to the New Zealand Commerce Commission for clearance to acquire the firm.
The application comes after Australia's competition watchdog last month said it would oppose National Australia Bank's $13.29 billion takeover bid for AXA APH but wouldn't oppose a takeover by AMP, opening the way for AMP to return to the fray.
If NAB can't win over the ACCC with undertakings, such as proposed asset sales, and admits defeat or goes down path of prolonged legal action, AMP may see opportunity to renew its bid, and regulatory clearances may add to its bargaining power.
The NZCC has indicated a quick turnaround of AMP’S application, setting a May 14 deadline for its finding.
If NAB can't win over the ACCC with undertakings, such as proposed asset sales, and admits defeat or goes down path of prolonged legal action, AMP may see opportunity to renew its bid, and regulatory clearances may add to its bargaining power.
The NZCC has indicated a quick turnaround of AMP’S application, setting a May 14 deadline for its finding.
Subscribe