The Australian Competition and Consumer Commission (ACCC) is said to be very concerned about rumours surrounding National Australia Bank proposed $13.3 billion takeover of AXA Asia Pacific Holdings
(ASX:AXA).
There are reports that ACCC chairman Graeme Samuel, who remains in talks over the NAB’s its bid, said the ACCC's processes are being targeted for potential manipulation through innuendo and background briefing.
He’s reportedly said that hedge funds had called him directly, but he refused to take the calls.
Mr Samuel said AXA APH decision yesterday to enter a trading halt until Monday showed how serious speculation had become in the media and investment markets.
Mr Samuel has reportedly told The Australian newspaper he would be have "strong words" with NAB and related parties regarding any leaks once the takeover issue is resolved.
NAB and AXA APH have until August 31 to secure ACCC approval for the deal. Rival wealth manager AMP has already had its cash and scrip offer approved by the ACCC.
AXA Asia Pacific Holdings 2009 net profit of $679 million was a significant improvement on the $279 million loss reported year before.
