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NAB Says No Option Being Ruled Out In Bid For AXA Asia Pacific Holdings
Australian banking major National Australia Bank says it is weighing up its options and will not rule any particular course of action out as it seeks to continue its bid for AXA Asia Pacific Holdings (APH).
“We haven’t ruled anything out,” an NAB spokesman said today.
The spokesperson made the statement in response to newspaper reports which had suggested that NAB chief executive Cameron Clyne had ruled out any legal action against the Australian Competition and Consumer Commission, whilst speaking to US institutional investors.
Last month, the ACCC delivered its verdict on two rival bids for APH, and ruled that it would oppose the NAB bid in its current form, whilst rulings that it did not oppose a bid from AMP.
“We have said that we are examining all our options and that is what we are doing,” the spokesman said.
The report added that Mr. Clyne during the same address told the investors that the lender had begun initial discussions with the ACCC on divesting an investment platform in order to win regulatory approval for its bid.
According to the spokesperson, any statements made to the bank’s institutional investors were briefings that occurred as a normal part of the lenders post results road show, but issued a clarification denying that the statements carried in reports were not made by Mr. Clyne.
The spokesman wouldn’t say if the bank had preliminary discussions with the ACCC about possible divestments.
NAB’s window of opportunity for a revised bid which has the blessing of the competition regulators is about six weeks. It has until the end of May to reach an agreement with the ACCC, before it begins to lose the support of both independent directors of APH, and its French parent AXA SA.
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