***Newsflash*** ACCC blocks NAB's bid for AXA

The Australian Competition and Consumer Commission (ACCC) has again blocked National Australia Bank's proposed acquisition of AXA Asia Pacific.

The ACCC said it maintained its initial opposition of the bid on the basis that NAB's revised bid, which included divesting AXA's North platform to IOOF, did not "provide sufficient certainty that the ACCC's competition concerns will be addressed".

Related News:

The ACCC considered that IOOF did not have sufficient distribution capability to provide an effective competitive constraint on existing key players in the foreseeable future, and as such, competition, particularly in the platform space, would be constrained if NAB's proposed acquisition was allowed to proceed.

Related Content

NAB sells Ausmaq business to Clearstream

National Australia Bank (NAB) has agreed to sell its managed funds service business Ausmaq to Clearstream, a post-trade services provider owned by Deu...Read more

RC missed mark on vertical integration says Fels

Former Australian Competition and Consumer Commission (ACCC) chairman, Professor Alan Fels has added his voice to those who believe the Royal Commissi...Read more

Super funds factor in M&As

Superannuation funds played a greater role in public merger and acquisition activity last year, according to an analysis conducted by law firm, Gilber...Read more



Add new comment