AXA, NAB extend exclusivity

SYDNEY - AXA Asia Pacific Holdings and National Australia Bank have extended an exclusivity agreement as the lender looks for ways to satisfy the competition watchdog in its attempt to buy the wealth manager.

The exclusivity agreement between AXA APH, its French parent AXA SA, and National Australia has been extended to July 15, Melbourne-based AXA APH said yesterday.

National Australia is continuing to pursue its options after the Australian Competition and Consumer Commission rejected its A$13.29 billion ($16.47 billion) bid for AXA APH on April 19.

The competition watchdog said competition and innovation would deteriorate if National Australia and AXA APH combined their wealth platforms.

ACCC approval was one of the conditions for the deal, under which National Australia would buy all of AXA APH, then divest the Asian businesses to France's AXA SA.

National Australia's bid had trumped an earlier A$12.85 billion bid by AMP Ltd for AXA APH.

- AAP