National Australia Bank Ltd
(ASX:NAB) is seeking to extend exclusive negotiations with Axa Asia Pacific Holdings over its $14 billion takeover bid for the company.
The Age reports that the current agreement between the two companies preventing the fund manager from soliciting a rival offer expires at midnight tonight.
The clause was inserted in the deal to cover both companies in the case that any of the key conditions of the takeover would not have been met.
The ACCC blocked NAB’s takeover offer for Axa six weeks ago on the grounds that it would limit competition in the sector.
The bank has since been in negotiations with the competition regulator to see if it can overcome its objections to the deal.
For the 12 months to September 30, 2009, National Australia Bank posted a profit of $2.589 billion.
