There is industry talk this morning that National Australia Bank Ltd
(ASX:NAB) will have to offload AXA Asia Pacific’s
(ASX:AXA) North platform if its blocked $14 billion offer for the fund manager is to stand a chance.
The Australian Competition and Consumer Commission ruled against NAB’s takeover approach last month in a surprise decision.
The bank has since developed a two-pronged strategy to try to get around the ACCC’s opposition to the deal, including submitting an amended proposal that might satisfy regulatory concerns or launching a legal challenge.
NAB and the ACCC have acknowledged the takeover bid founders on the bank’s control of both the North and the Navigator platforms it acquired through last year’s $825 million purchase of Aviva Australia.
NAB is considering offloading the North platform and AXA developing a low-cost system called Bluedoor to try to convince the ACCC to change its mind.
The exclusivity deal between NAB and AXA Asia Pacific preventing the fund manager from talking to other parties expires at the end of this month.
For the 12 months to September 30, 2009, National Australia Bank reported a profit of $2.589 billion.
