AXA SA and AMP end exclusivity deal

Investors may have a better idea who will be successful in buying AXA Asia Pacific Holdings (AXA APH) today after AMP's exclusivity agreement with AXA SA came to an end at the weekend.

The exclusivity agreement, which was formed as the two companies attempted to buy AXA APH and divide it between them, came to an end on Saturday.

The passing of the date will open the way for National Australia Bank, which trumped AMP in December with an all-cash bid valuing AXA APH at $13.29 billion, to start discussions with AXA SA.

NAB won the backing of AXA APH's independent directors, something AMP and AXA SA's bid failed to do.

Then all parties will focus on what the competition watchdog will say.

The Australian Competition and Consumer Commission is reviewing competition issues surrounding both bids and will report its findings to Sydney-based AMP on Wednesday and Melbourne-based NAB on March 18.

Bell Financial Group senior adviser Chris Kimber said AMP was having to weigh the desire to buy AXA APH with the bigger offer they would have to make.

- AAP