NAB gains deadline extension on AXA AP
The National Australia Bank (NAB) has ensured it remains squarely in the hunt to acquire AXA Asia Pacific by securing an extension to the negotiating period with AXA Asia Pacific’s parent.
NAB announced to the Australian Securities Exchange this morning that the extension had been agreed to allow the bank to satisfy concerns raised by the Australian Competition and Consumer Commission (ACCC).
The extension will see the negotiating period end on 15 July, 2010.
In mid-April, the ACCC announced that it would be opposing NAB’s acquisition of AXA Asia Pacific on the basis of concerns about platform ownership. NAB is currently in discussion with the competition regulator to determine whether those concerns can be addressed.
AMP, which is also vying for ownership of AXA Asia Pacific, has indicated its continued interest.
NAB issued a statement that said the agreed extension meant that no party would be able to terminate the so-called Framework Deed for failure to obtain competition clearance in Australia unless that failure continued until the end of 15 July.
AUTHOR
Mike Taylor
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