National Australia Bank Ltd
(ASX:NAB) has trumped an offer by AMP, today agreeing to terms with AXA Asia Pacific Holdings Ltd
(ASX:AXA) for the bank to acquire AXA AP’s Australian and New Zealand businesses.
AXA AP’s directors will recommend shareholders accept NAB’s proposal which values the Australian and New Zealand businesses at $4.6 billion.
Last month AMP and Frances AXA made a joint bid for AXA Asia Pacific’s assets, revising the offer on Monday, valuing the company at $12.9 billion.
NAB’s offer values the whole company at $13.3 billion, and the assets it is to acquire at $4.6 billion.
Under the offer AXA AP’s shareholders can opt to receive either $6.45 cash per share or $1.59 in cash and 0.1745 NAB shares for each AXA AP share held.
NAB’s profit for the year to September 30, 2009 came to $2.589 billion, and AXA Asia Pacific Holdings posted a loss of $279 million for calendar 2008.
