ACCC pushes back AXA takeover deadlines
The Australian Competition and Consumer Commission (ACCC) has pushed back the deadlines for the release of its findings regarding the NAB and AMP bids for AXA Asia Pacific.
The competition watchdog was expected to release its findings this Wednesday, but on Friday announced it would release its consideration of AMP’s proposal on April 1 and NAB’s proposal on April 22.
The ACCC said it needed more time to consider additional information it had requested from the merger parties.
Analysis from Goldman Sachs JBWere analysts points to NAB’s proposal as the “contentious one”, saying there is a “meaningful risk” the NAB bid may be knocked back by the ACCC — although this is not the most likely scenario.
AMP’s proposal, on the other hand, is highly unlikely to be rejected. In the shock situation that did occur, the analysis said, the implication would be that NAB’s offer would almost certainly be rejected as well.
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