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Competition Regulator Decision On AXA Takeover Imminent
The Australian completion regulator says it will make public its final decision over whether NAB will be given approval to acquire AXA Asia Pacific Holdings (APH) on Thursday.
It remains to be seen whether NAB has done enough in the long running takeover saga to satisfy the concerns of the Australian Competition and Consumer Commission (ACCC), and finally be given approval to go ahead with the merger valued at $13.3 billion.
The ACCC for its part has indeed confirmed that it expects to announce its final decision on the compromises offered by both NAB and APH, for what could quite well possibly end up being the second largest deal in the Australian financial services sector.
The regulator have previously provided guidance of September 9th as the day it would reveal its final decision, and on Wednesday a spokesperson said the date remained unchanged.
As a concession to the regulator’s concerns, NAB had pledged to divest APH’s North investment platform.
If the concession is accepted, and the bid ultimately successful, the acquisition would then become the second largest financial services takeover since Westpac acquired St. George in a $16 billion merger in 2008.
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