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Competition Regulator Voices Concern Over NAB AXA Bid
The competition regulator says it is more concerned with the proposed takeover of AXA Asia Pacific Holdings by National Australia Bank, than it was by the original bid tabled by AMP.
The Australian Competition & Consumer Commission says it was highly concerned that the level of concentration in the retail investment sector would be damaging for regional banks
Analysts say that the statement from the regulator means that AMP could still be in the running to acquire APH, and that NAB’s acquisition attempt may not win the approval of the ACCC.
Despite voicing concerns over the NAB proposal, the regulator said a takeover of AMP by either bidder would most likely result in the further concentration of the financial planning and advice sector, which would result in less competition. The regulator said a takeover was unlikely to have much effect on the pension or life insurance markets.
The regulator is also considering how likely it is for AMP to remain an independent and effective competitor, and whether it could become a fifth pillar in the financial services industry if its bid is successful, or whether it itself will become the subject of a takeover attempt.
The ACCC said it would call for further information on competition issues related to both proposals by February 26 and hoped to make a final decision by March 17.
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