Wealth manager AMP Ltd’s (ASX:AMP) exclusivity agreement with AXA Asia Pacific Holdings Ltd's (ASX:AXA) parent company, France’s AXA SA, has expired placing its takeover bid for the fellow insurer in jeopardy.
AMP says it is considering its position in relation to the takeover bid following the February 6 termination of the agreement, which means the two are no longer associated.
Rival bidder National Australia Bank Ltd (ASX:NAB) trumped AMP in December with an all-cash bid valuing the company at $13.29 billion.
Under both bids France’s AXA SA would acquire AXA Asia Pacific’s Asian assets whilst the other partner would acquire the Australian and New Zealand assets.
The Australian Competition and Consumer Commission is currently reviewing both bids and will release its finding into AMP’s bid on February 10 and NAB on March 18.
AMP earned $580 million in 2008.