The Australian Competition and Consumer Commission has begun its review of National Australia Bank Ltd
(ASX:NAB) bid for AXA Asia Pacific Holdings Ltd
(ASX:AXA).
According to the watchdog’s website the ACCC aims to release its findings into the proposed acquisition on March 18.
Last month NAB launched a $6.43 a share bid for AXA, trumping a bid from rival AMP.
The bank now has the task of trying to convince AXA SA who holds a 53.9% stake in AXA Asia Pacific and supported AMP’s bid, to join it in its proposal.
The ACCC is to release its findings of AMP’s bid for AXA on February 10.
NAB reported a $2.6 billion profit for fiscal 2009.
