AMP cleared to buy AXA

AMP has been granted clearance to buy AXA's Australian and New Zealand businesses.

The Commerce Commission said it was satisfied the proposed acquisition would not substantially lessen competition in any of the affected markets, in an announcement made to the New Zealand Stock Exchange this morning.

AMP's proposal was part of a wider A$12.85 billion ($15.9 billion) bid for AXA APH that was later trumped by National Australia Bank's A$13.29 billion offer.

Commerce Commission chair Dr Mark Berry said the Commission was satisfied that the proposed acquisition "will not have, or would not likely to have, the effect of substantially lessening competition in any of the affected markets".

"The Commission considers that competition from existing participants in the affected markets would be sufficient to constrain the merged AMP and AXA."