AMP seeks NZ clearance on AXA bid
AMP is seeking another green light in its bid to acquire the Australian and New Zealand arms of AXA Asia Pacific, this time from New Zealand’s competition watchdog, the Commerce Commission.
AMP has made an application to the Commerce Commission seeking clearance to acquire the Australian and New Zealand assets and business of AXA Asia Pacific Holdings.
Like the Australian Competition and Consumer Commission (ACCC), New Zealand’s Commerce Commission must determine whether the proposed acquisition would have the effect of substantially reducing competition in the relevant markets.
In New Zealand, both AMP and AXA provide superannuation, investment, life insurance and financial planning products and services.
The ACCC gave a green light to AMP’s bid for the Australian and New Zealand operations of AXA Asia Pacific, while knocking back the bid made by the National Australia Bank.
The New Zealand Commerce Commission will hand down its decision on 14 May.
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