ACCC focuses on implications of NAB bid for AXA
AMP Limited has formalised its position following the end of its exclusivity agreement with AXA SA as part of its bid for AXA Asia Pacific.
AMP told the Australian Securities Exchange today that as the exclusivity agreement with AXA SA had been terminated on Sunday, AMP was no longer an associate of the AXA parent company and therefore no longer a substantial holder in AXA Asia Pacific Holdings Limited.
The formal confirmation of the end of the exclusivity period has come at the same time as National Australia Bank senior executives have flown to Europe in an effort to nail down the banking group’s bid for AXA Asia Pacific.
It has also come amid reports that the Australian Competition and Consumer Commission is specifically investigating the impact of NAB’s acquisition of AXA Asia Pacific on the make-up of the Australian platforms market.
A recent report published in Money Management revealed the degree to which recent consolidation in the financial services sector has served to give the four major banks dominance of the platform market.
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Mike Taylor
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