NAB AXA Deal Blocked, AMP?
Further Reading
National Australia Bank's (ASX:NAB) bid for AXA Asia Pacific (ASX:AXA) has been blocked by the Australian Competition and Consumer Commission (ACCC). There has been speculation that AMP (ASX:AMP) may post a rival bid.
The decision by ACCC was a large setback for NAB as the company seeks to reduce its dependency on banking and joining the fast growing wealth management sector. An AMP spokesperson has said "AMP has always said AXA remains strategically attractive, but at the right price". NAB had made an offer for AXA Asia Pacific after AMP launched uts $12.9 billion bid to merge with the company. The ACCC decision was accompanied by a 36 page report about its public competition assessment explaining their decision.
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