National Australia Bank
(ASX:NAB) is continuing to refine their plan to take-over AXA Asia Pacific Holdings in a three-way deal, seeking a second extension to give it more time to finalise a deal.
NAB had their initial $14 billion bid blocked on April 19 by the Australian Competition and Consumer Commission.
In an effort to pacify the ACCC, NAB is hoping to offload AXA’s retail investment platform North to IOOF Holdings.
The corporate watchdog wants to make sure the North platform remains a sizeable force to ensure that competition in the market is not lessened.
NAB and AXA agreed to extend the period by which the bank had to satisfy the ACCC’s concerns, until July 15.
According to a Fairfax report NAB is hoping to put forward its revised proposal to the ACCC this week with the watchdog expected to take at least two weeks to review the proposal.
As the extension period will expire before this time, NAB is seeking a second extension.
National Australia Bank reported a profit of $2.6 billion for the year to September 30, 2009.
