National Australia Bank Pursuing Options In Response To ACCC Ruling On AXA APH
April 20 2010 - 5:11AM
Dow Jones News
National Australia Bank (NAB.AU) said Tuesday it is pursuing its
options in regards to its proposed purchase of AXA Asia Pacific
Holdings ltd. (AXA.AU) after the deal was blocked Monday by the
country's competition regulator.
"There are a range of options open to NAB and these are being
actively pursued," the bank said in a statement.
NAB said it does not agree with the Australian Competition and
Consumer Commission's decision to block the deal based on concerns
about competition in the retail investment market.
NAB said it agrees with the agency's stance that the proposed
merger wouldn't create competition in the superannuation, or
pension fund, insurance and banking sectors.
The bank said it was disappointed with the agency's findings
after the "extensive consultation" it undertook with the ACCC.
The blocking of the deal means AMP Ltd. (AMP.AU), which also bid
for AXA APH, could renew its pursuit for the funds manager.
-By Cynthia Koons; Dow Jones Newswires; 61-2-8272-4691;
cynthia.koons@dowjones.com
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