Deed extended to give NAB more time
(1 June 2010 – Australia) National Australia Bank has said it will continue to purse its options in relation to the ACCC’s objections to the bank’s planned takeover of the Australian assets of AXA Asia Pacific Holdings, as both parties announce an extension to the agreed Framework Deed.
The Framework Deed allowed any party to terminate the deed at any time after 6 weeks from the date the ACCC notified NAB that it would oppose the acquisition, if the ACCC's concerns had not been addressed by that time.
This means that neither NAB nor AXA will be able to terminate the Framework Deed for failure to obtain competition clearance in Australia, unless that failure continues until the end of that day.
NAB is understood to have proposed to the regulator that it would be prepared to sell AXA AP's North platform in order to reduce its influence in that part of the sector.
NAB already owns one of the industry's major platforms, Navigator, which it acquired through its purchase of Aviva Australia last year.
The new extension of this period has been set until 15 July 2010.
This means that neither NAB nor AXA will be able to terminate the Framework Deed for failure to obtain competition clearance in Australia, unless that failure continues until the end of that day.
NAB is understood to have proposed to the regulator that it would be prepared to sell AXA AP's North platform in order to reduce its influence in that part of the sector.
NAB already owns one of the industry's major platforms, Navigator, which it acquired through its purchase of Aviva Australia last year.
The new extension of this period has been set until 15 July 2010.
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