New AMP bid for AXA AP expected

axa-asia-pacific/financial-services-industry/national-australia-bank/IOOF/ACCC/

15 September 2010
| By Mike Taylor |

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.

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 week 3 days ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 month ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month 1 week ago

AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies. ...

3 days 3 hours ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 6 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Powered by MOMENTUM MEDIA
moneymanagement logo