AMP given green light by NZ competition watchdog
AMP Limited (AMP) welcomed the New Zealand Commerce Commission’s decision to grant clearance for AMP to acquire the Australian and New Zealand operations of AXA Asia Pacific Holdings Limited (AXA). The Commerce Commission chair, Dr Mark Berry, said the Commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition in any of the affected markets.
"The Commission considers that competition from existing participants in the affected markets would be sufficient to constrain the merged AMP and AXA," the New Zealand competition watchdog said in a statement today.
AMP said the merger between AMP and AXA APH’s Australian and New Zealand businesses would create a fifth pillar in the financial services sector, creating a stronger wealth manager.
National Australia Bank (NAB) came in with a rival bid following AMP and AXA APH’s French parent AXA SA's original offer, however it was rejected by the Australian Competition and Consumer Commission.
NAB continues to negotiate with the ACCC for approval.
As at 1044 AEST, AMP shares were up 7c to $5.68, while AXA APH's shares were up 6c to $5.78.
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