Disappointed NAB considering full range of options
The National Australia Bank (NAB) has declared it strongly disagrees with the Australian Competition and Consumer Commission’s (ACCC’s) reasons for blocking its bid for AXA Asia Pacific, and has signalled it is leaving its options open with respect to contesting the regulator’s approach.
In a statement issued late on Tuesday, the bank said it did not agree with the ACCC’s decision and believed the regulator’s characterisation of the relevant market was incorrect.
In what represented a specific reference to the ACCC’s concerns about a merger with AXA Asia Pacific resulting in a reduction of competition in the wrap space, the NAB statement said: “This is a segment NAB and MLC understand very well, and [we] do not believe [it] presents any competition concerns”.
The banking group said there were a range options open to it, and that they were being actively pursued.
NAB has several options open to it, including seeking to conciliate with the ACCC to address the regulator’s concerns, and contesting the decision in the courts.
In the meantime, most analysts are saying that the ACCC decision leaves AMP Limited in the box seat to acquire AXA Asia Pacific.
AUTHOR
Mike Taylor
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