AMP Ltd
(ASX:AMP) is reportedly not in the bidding race for AXA Asia Pacific Holdings Ltd
(ASX:AXA) retail investment platform North.
NAB Ltd (ASX:NAB) has put North up for sale in an effort to try and pacify the Australian Competition and Consumer Commission and get its $14 billion takeover bid for AXA across the line.
The ACCC is concerned that if NAB holds onto North it will lessen competition in the wealth management industry.
According to a Fairfax report, AMP has decided not to bid for the retail investment platform even though it does not have control of one of its own.
NAB trumped an earlier offer by AMP for AXA Asia Pacific in December, however the ACCC rejected the bid.
The Fairfax report suggests that AMP does not think that NAB will satisfy the corporate watchdog’s concerns even if it does sell North.
NAB has been in talks with the ACCC now for the past few weeks in an effort to get its bid approved, with the bank recently agreeing to an extension with AXA to the deadline for a deal to be reached.
AMP earned $739 million for the 2009 calendar year.
