Insurance: Update on the AXA APH transaction
AXA, AXA Asia Pacific Holdings and National Australia Bank have extended the time limits in connection with their proposed deal.
AXA, AXA Asia Pacific Holdings Limited (AXA APH) and National Australia Bank Limited (NAB) have today agreed to extend until 15 July, 2010 end of day the agreement relating to the proposed transaction whereby NAB will acquire 100% of AXA APH, retain the Australian and New Zealand businesses of AXA APH and sell to AXA 100% of the Asian businesses of AXA APH.
On 19 April the Australian Competition and Consumer Commission (ACCC) announced that it would oppose the proposed transaction. AXA understands that NAB continues to pursue its options in relation to the ACCC objections.
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