The Australian Financial Review reports that National Australian Bank is doing what it can to get its $13.3 billion bid for AXA Asia Pacific over the line.
The newspaper reports that NAB is putting the finishing touches on an agreement with IOOF for the management of funds in AXA Asia Pacific’s North Platform.
Under the latest proposal IOOF would acquire the underlying technology but manage the North Platform’s $1.2 billion in funds under administration on NAB’s behalf in return for a fee.
The fund management deal would be locked in for three to five years.
It comes as AMP’s ability to increase the cash component of its bid for AXA Asia Pacific appears to have hit a stumbling block as its shares trade near year lows.
AMP is hoping that NAB’s bid for AXA APH will once again be knocked back by the ACCC over competition concerns.
National Australia Bank’s 2009 net profit was close to $2.6 billion which was significantly less than the $4.5 billion in 2008.
