NAB set to fight for AXA
(22 April 2010 – Australia) National Australia Bank has hit back at the ACCC’s decision, indicating a willingness to fight for AXA Asia Pacific Holdings after the commission’s shocking rejection.
The bank said it does not agree that there is any substantial lessening of competition, including in the segment of the market that provides retail investment platforms for investors with complex investment needs.
This is a segment NAB and MLC understand very well and do not believe presents any competition concerns, the bank said.
It has been reported that the bank would prefer to fight the ACCC’s decision in court rather than restructure the current deal. The bank said that there are currently a range of options available and they will be actively pursuing all of them.
The Australian Competition and Consumer Commission opposed National Australia Bank’s proposed takeover of AXA Asia Pacific, however did approve a rival bid from AMP.
NAB had offered A$14 billion for AXA Asia Pacific, while the rival bid sat in the wings from AMP which was previously rejected by AXA, for A$13.1 billion.
The ACCC said, after a four month review, it found that a merger between NAB and AXA would result in a substantial lessening of competition in the market for the retail investment platforms for investors with complex investment needs.
NAB said it was disappointed with the decision given the extensive consultation NAB undertook with the ACCC as part of the review process.
This is a segment NAB and MLC understand very well and do not believe presents any competition concerns, the bank said.
It has been reported that the bank would prefer to fight the ACCC’s decision in court rather than restructure the current deal. The bank said that there are currently a range of options available and they will be actively pursuing all of them.
The Australian Competition and Consumer Commission opposed National Australia Bank’s proposed takeover of AXA Asia Pacific, however did approve a rival bid from AMP.
NAB had offered A$14 billion for AXA Asia Pacific, while the rival bid sat in the wings from AMP which was previously rejected by AXA, for A$13.1 billion.
The ACCC said, after a four month review, it found that a merger between NAB and AXA would result in a substantial lessening of competition in the market for the retail investment platforms for investors with complex investment needs.
NAB said it was disappointed with the decision given the extensive consultation NAB undertook with the ACCC as part of the review process.
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