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NAB Willing To Sell Assets To Acquire APH
The bitter takeover battle for control of AXA Asia Pacific Holdings (APH) far from being over, after the competition regulator delivered its verdict, remains firmly in place with Australian banking major National Australia Bank (NAB) now negotiating a deal to sell the North Investment platform, in order to allay the regulators competition concerns.
Signalling its continued interest in being acquired by NAB, APH extended its exclusivity arrangement with the lender until June 15th.
Australia’s fourth largest lender has been by the Australian Competition & Consumer Commission on why it failed to grant approval for its initial bid worth some $14 billion.
NAB is understood to have entered discussions with IOOF and Tower to offload North, APH’s innovative investment platform, which is believed to be the key reason for the ACCC’s rejection.
The ACCC has still to make public the detailed reasoning behind its decision to disallow the proposed acquisition.
ACCC chairman Graeme Samuel has hinted however that a successful acquisition of APH by NAB would result in NAB also acquiring APH’s North platform which would mean the lender had far too much ownership of successful wealth management platforms.
Rival bidder, Australian wealth manager AMP remains interested in acquiring APH, and has continued its discussion with the target’s French parent AXA SA.
The price that the North platform may fetch has yet to be worked out, but The Australian citing unnamed sources said any deal was likely to be cheap.
The valuation of the platform is likely to be calculated in part based on whether any Axa-aligned financial planners that will use the platform move across as part of the transaction. Bankers last night said a potential buyer would be keen to inherit an established network of planners with an existing customer base.
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