NAB, AXA in $18b talks

NAB and AXA may need more time to address anti-competition concerns. Photo / Kenny Rodger

SYDNEY - National Australia Bank and AXA Asia Pacific Holdings say they are discussing an extension to the period in which NAB has to satisfy competition concerns about its A$13.3 billion ($18.3 billion) bid for AXA APH.

Each party released statements yesterday to say they and AXA APH's French parent are in discussions to extend the period, but agreements between the three remain in place in the meantime.

An exclusivity agreement between the three expired on Thursday.

NAB was granted an extension to its original exclusivity agreement on June 1, to allow the bank more time to win approval for its bid from the Australia Competition and Consumer Commission.

The commission blocked the NAB bid on April 19 on competition grounds, saying the deal would substantially lessen competition for retail investment platforms for investors with complex investment needs.

Sydney-based AMP has yet to decide whether to submit a higher offer to AXA APH's board than its lapsed A$12.85 billion bid.

- AAP