NZ watchdog delays AMP/AXA AP decision
The New Zealand competition watchdog has delayed its decision on AMP’s bid for AXA Asia Pacific for another two weeks.
The decision was scheduled to be handed down yesterday but has been postponed until Friday 25 June.
The Commerce Commission is working to determine whether AMP’s proposed acquisition would reduce competition in the relevant markets. In New Zealand, both AMP and AXA provide superannuation, investment, life insurance and financial planning products and services.
Earlier this year the Australian Competition and Consumer Commission (ACCC) gave the 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 (NAB). NAB has been working hard in recent weeks to ensure it remains in the hunt for the business.
The ACCC is yet to make public the basis for its reasons for blocking NAB’s bid, which was attributed to concerns about competition in investment platform markets.
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