NAB Extends AXA APH Deadline

Post by Sharat on March 22, 2010 · Under Business News, Company News, Mergers & Acquistions, Wealth Management, banking · Comment 

Australian banking major National Australia Bank (NAB) says it has extended the deadline for finalising the documentation for its proposed $13.3 billion acquisition of AXA Asia Pacific Holdings (APH) until March 29th.

The two companies said separately that discussions were now at “at an advanced stage”. APH directors continue to recommend NAB’s acquisition proposal.

The previous deadline for documentation expired on March 20th, and the short extension suggests that NAB and APH are now ready to sign a deal provided they obtain clearances from regulators both in Australia and New Zealand.

The language of the statement suggests that the possibility of a revised sweeter bid from spurned bidder AMP appear extremely unlikely.

The Australian Competition and Consumer Commission says it does not intend to provide a ruling on NAB’s proposed acquisition until April 22nd, three weeks after it is widely expected to rule on AMP’s bid, which has already been rejected by APH’s board of directors.

NAB still needs to reach an agreement with APH’s parent, French insurance giant AXA SA, which under the terms of any deal, either with NAB or AMP, wants to acquire the more valuable Asian assets of its Asian subsidiary whilst allowing the Australia New Zealand assets to be retained by the winning bidder.

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