2011 date emerges in NAB bid for AXA
It may be 2011 before shareholders know the ultimate outcome of National Australia Bank’s (NAB) bid for AXA Asia Pacific (AXA AP).
After last week confirming to the Australian Securities Exchange (ASX) that it needed more time to revise its position, NAB has today announced that it has been granted an extension from AXA Asia Pacific’s parent, AXA SA.
The companies have extended the end date for shareholders and court approval for the proposal from 31 October 2010 to 31 January 2011.
At the same time, the two companies told the ASX that they had agreed to the payment of an interim dividend to AXA AP shareholders of up to 9.25 cents per share.
The latest moves follow on from the Australian Competition and Consumer Commission’s (ACCC’s) decision earlier this year to oppose the NAB proposal to acquire AXA AP.
NAB said it was continuing to pursue its options in relation to the ACCC’s objections.
AUTHOR
Mike Taylor
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
