AXA AP and NAB extend agreement; talks at advanced stage
AXA Asia Pacific (AXA AP) has reinforced its preference for National Australia Bank’s (NAB's) bid for its Australian wealth management assets, while saying discussions between the two groups and AXA’s French parent were at an advanced stage.
AXA AP and NAB have extended their original agreement for NAB to acquire AXA AP’s Australian and New Zealand businesses until March 29. The original announcement was made public in the week before Christmas.
In its statement to the Australian Securities Exchange today, AXA AP said discussions to agree on final transaction documents to implement the deal between NAB, AXA AP and AXA’s French parent, AXA SA, were “at an advanced stage”.
Under the proposal NAB would acquire 100 per cent of AXA AP, including AXA AP’s Australian and New Zealand businesses, while divesting the Asian business to AXA SA.
“The independent directors continue to unanimously recommend the proposal in the absence of a superior proposal and subject to the opinion of an independent expert.”
AXA AP noted the proposal is subject to shareholder approval as well as approval from regulators.
The Australian Competition and Consumer Commission (ACCC) has delayed its deadlines for the release of its findings regarding the NAB and AMP bids for AXA AP.
The ACCC will release its consideration of AMP’s proposal on April 1 and NAB’s proposal on April 22.
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