Insurance: AXA statement on ACCC decision re disposal to NAB
The following statement has been issued by AXA following notice that the Australian Competition and Consumer Commission's to oppose the disposal of certain AXA interests to National Australia Bank.
Paris 9 December
AXA notes the Australian Competition and Consumer Commission's (ACCC) decision to oppose National Australia Bank Limited's (NAB) proposed acquisition of AXA Asia Pacific Holdings (AXA APH) and subsequent divestment of AXA APH's Asian businesses to AXA.
AXA will review the ACCC's reasons for its decision to reject the enforceable undertakings offered by NAB and AXA APH. AXA's decision to enter into this transaction reflected AXA's desire to increase its presence and allocate additional capital to the fast growing Asian region.
AXA remains fully committed to support the Australia and New Zealand businesses and will continue to review its options in the context of its growth strategy in Asia.
About AXA
AXA Group is a worldwide leader in insurance and asset management, with 216.000 employees serving 96 million clients in 57 counties. For 1H10, IFRS revenues amounted to Euro 49.9 billion and IFRS underlying earnings to Euro 2.1 billion.
AXA had Euro 1,089 billion in assets under management as of June 30, 2010.
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA). AXA's American Depository Shares are also quoted on the OTC QX platform under the ticker symbol AXAHY.
The Group is included in the main international SRI indexes, Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
Further information and relevant disclaimers are available at AXA.Com
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