Tags: Australian | Bank | AXA | Insurer

Australian Bank, AXA Offer $13 Billion for Insurer

Tuesday, 30 Mar 2010 10:31 AM

 

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National Australia Bank Ltd. and AXA SA are making a joint 13 billion Australian dollar ($12 billion) bid for insurer AXA Asia Pacific Holdings Ltd., entering into direct competition with another bid by AMP Ltd.

NAB, as the Australian bank is known, said Tuesday it would pay AU$4.6 billion for the AXA Asia Pacific's Australian and New Zealand businesses, while Paris-based AXA will pay AU$9.4 billion for the Asia businesses.

The bid is subject to a ruling by the Australian Competition and Consumer Commission.

The competition regulator on Tuesday deferred its decision on AMP's rival AU$12.85 billion takeover bid for AXA Asia Pacific to April 22. It is scheduled to announce its decision on NAB's bid on the same day.

NAB and AXA APH's shares remained in a trading halt ahead of the announcement, which was released to the market after the close of trading.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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