AXA’s parent agrees to NAB extension

The Australian Competition and Consumer Commission’s (ACCC's) announcement that it will consider National Australia Bank’s (NAB's) revised bid for AXA Asia Pacific revolving around its sale of AXA’s North platform to IOOF has had its corollary today, with AXA’s parent agreeing to a further negotiating extension.

NAB announced to the Australian Securities Exchange today that it had reached agreement with the AXA parent for an extension of the period for NAB to satisfy the concerns raised by the ACCC.

However, it said that the overall deadline for the proposed scheme of arrangement to become effective remained unchanged at 31 January next year.

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The ACCC yesterday confirmed that it was considering a revised NAB bid for AXA AP based upon the sale of the North platform to IOOF and said it would be seeking industry comment on the impact of the revised arrangement.

At the same time, IOOF confirmed that it was willing to acquire the North platform subject to the approval of the ACCC.

The ACCC is expected to conclude its consideration of the revised bid next month.

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