The competition regulator is a step closer to making a decision on National Australia Bank Ltd's
(ASX:NAB) bid for AXA Asia Pacific Holdings.
The Australian Financial Review reports that the bank has submitted an amended proposal to the Australian Competition and Consumer Commission (ACCC) to address its competition concerns.
The ACCC is believed to be reviewing the new proposal today, which reportedly includes the sale of AXA's North Wealth investment platform to IOOF.
The newspaper says if the ACCC likes the amended bid it will release the details publically for consultation.
But if it doesn’t like it, NAB might have to rethink its proposal.
The ACCC knocked back NAB's initial takeover bid over competition concerns should NAB acquire AXA APH including the North Wealth platform.
National Australian Bank reported a 2009 net profit of close to $2.6 billion.
