The Australian Competition and Consumer Commission has for the second time blocked National Australia Bank Ltd’s
(ASX:NAB) bid for AXA Asia Pacific Holdings Ltd’s
(ASX:AXA) Australian and New Zealand businesses.
The competition watchdog has rejected the $13.3 billion takeover on grounds that the proposal does not provide sufficient certainty that the ACCC’s concerns will be addressed.
NAB had earlier proposed to sell AXA APH’s North platform to IOOF Holdings Ltd (ASX:IFL) in an effort to subside competition concerns in the market for retail investment platforms.
However the ACCC deputy chairman Peter Kell says after consideration and consultation, the regulator has decided that the proposed undertakings would not provide for an effective competitive constraint on a merged NAB/AXA or other major platform providers.
AXA Asia Pacific says it is, with NAB, considering the implications of the decision.
IOOF Holdings’ says it remains confident it would deliver a strong competition outcome and is also reviewing the ACCC’s decision in detail.
AXA Asia Pacific Holdings reported a profit of $217 million for the six months to 30 June 2010.
