Australia blocks NAB’s bid for AXA, opening door for AMP

21 Apr 2010

Australia’s competition watchdog blocked National Australia Bank’s bid for the local units of insurance group AXA this week, leaving the door open for AMP to return with a revised offer.

NAB had agreed to acquire AXA Asia Pacific for A$13.3bn ($12.2bn), retain the Australian and New Zealand operations and sell the Asian unit, which includes businesses in Hong Kong and Thailand to AXA’s French parent.

It is the latest takeover in the region’s increasingly competitive insurance market, following ...

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