The Australian Competition and Consumer Commission (ACCC) has announced that it has begun market consultation concerning National Australia Bank Ltd’s
(ASX:NAB) proposed $13.3 billion takeover of AXA Asia Pacific Holdings Ltd’s
(ASX:AXA) Australian and New Zealand businesses.
The competition watchdog earlier objected to the purchase on the basis of competition concerns in the market for retail investment platforms with complex investment needs.
The ACCC will now further investigate if these concerns will decrease if NAB sells AXA APH’s North platform to IOOF Holdings and has invited submissions until 23 August.
Following market consultation, the ACCC says it will decide whether to accept or reject the proposed purchase and expects to make a decision by 9 September.
NAB Group Executive Wealth Steve Tucker says NAB has considered the regulators concerns, adding that NAB believes IOOF is a capable manager of the North investment platform business, and that the divestment does not detract from the rationale of the proposed acquisitions, nor impact the financial outcomes. National Australia Bank reported a profit of $2.6 billion for the year to 30 September 2009.
