New AMP bid for AXA AP expected

AMP Limited is expected to announce a renewed bid for AXA Asia Pacific within days following the announcement late yesterday of a final withdrawal by National Australia Bank (NAB).

NAB announced that it would be withdrawing from its bid for AXA AP on the basis of the Australian Competition and Consumer Commission’s (ACCC) rejection last week of a revised bid based on the handing of AXA’s North platform to IOOF.

It is now nearly a year since AMP Limited initiated its original bid for AXA Asia Pacific only to find itself out-bid by NAB which, in turn, found its bid favoured by the senior management of AXA AP.

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AMP Limited is on the record as having described any successful bid for AXA AP as having the capacity to create a “fifth pillar” in the Australian financial services industry.

The ACCC has signalled that it sees no significant issues standing in the way of an AMP bid for AXA AP.

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