NAB to seek further extension
(5 June 2010 – Australia) The existing agreement between NAB and AXA to acquire the New Zealand and Australian assets of AXA Asia Pacific Holdings is set to expire before the competition watchdog gives its final ruling, prompting National Australia Bank to seek a second extension.
NAB has crafted a new a new proposal, focused on the sale of AXA Asia Pacific’s North wealth.net retail investment platform to the fund manager IOOF, which will hopefully win over the Australian Competition and Consumer Commission.
With the new proposal from NAB due at the end of this week and the ACCC requiring at least two weeks to undertake the market surroundings over the revised proposal, the current July 15th deadline will leave the bank out of odds.
However having come this far it is understood that there is enough goodwill to extend the agreement further.
With the new proposal from NAB due at the end of this week and the ACCC requiring at least two weeks to undertake the market surroundings over the revised proposal, the current July 15th deadline will leave the bank out of odds.
However having come this far it is understood that there is enough goodwill to extend the agreement further.
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