AXA extends NAB deadline
(23 March 2010 – Australia) National Australia Bank has announced a nine day extension to the deadline for finalising transaction details for the bank’s proposed A$13.3 billion takeover of AXA Asia Pacific (AXA APH).
A statement released by the bank said that discussions between AXA APH, NAB and AXA SA were at an ‘advanced stage’.
The proposal, which was originally meant to be agreed upon by the 20th March, still requires an agreement to be inked with AXA APH’s parent, France’s AXA SA, to takeover the Asian assets of its 53 percent owned subsidiary, leaving only the New Zealand and Australian assets up for possible NAB takeover.
The proposal is also still subject to shareholder approval and approval from Australian, Asian and New Zealand regulators, including the Australian Competition and Consumer Commission (ACCC).
The Australian reported that the ACCC said it doesn't expect to rule on NAB's bid until April 22, some three weeks after it expects to give its verdict on the earlier bid from AMP, which was rejected by AXA APH's directors.
The proposal, which was originally meant to be agreed upon by the 20th March, still requires an agreement to be inked with AXA APH’s parent, France’s AXA SA, to takeover the Asian assets of its 53 percent owned subsidiary, leaving only the New Zealand and Australian assets up for possible NAB takeover.
The proposal is also still subject to shareholder approval and approval from Australian, Asian and New Zealand regulators, including the Australian Competition and Consumer Commission (ACCC).
The Australian reported that the ACCC said it doesn't expect to rule on NAB's bid until April 22, some three weeks after it expects to give its verdict on the earlier bid from AMP, which was rejected by AXA APH's directors.
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