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
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.
