National Australia Bank Ltd
(ASX:NAB) and AXA Asia Pacific Holdings Ltd
(ASX:AXA) have agreed to extend the period for NAB to satisfy the concerns raised by the Australian Competition and Consumer Commission relating to its proposed takeover of the wealth manager.
On April 19, the watchdog announced it would oppose the deal, but would however support a rival offer made by AMP.
The two companies have now agreed to extend this period until July 15, 2010.
NAB says it continues to pursue its options in relation to the ACCC objections to the proposal and is currently in discussions with the ACCC to determine whether its concerns can be addressed.
For the 12 months to September 30, 2009, NAB reported profit of $2.589 billion.
