AXA able to terminate NAB deal
AXA Asia Pacific Holdings Limited (AXA) said, today at its AGM, it was still unable to advise what the outcome of discussions with suitors AMP Limited (AMP) and AXA SA, as well as National Australia Bank limited (NAB), may be. In the wake of the Australian Competition & Consumer Commission’s (ACCC) recent decision to oppose NAB’s acquisition proposal, AXA APH said if a satisfactory conclusion is not reached by 31 May, it can then decide whether or not to terminate the agreement made to implement the NAB proposal.
AXA APH chairman, Rick Allert, said NAB and AXA SA have the same right. “Termination is not automatic and will only occur if one of AXA APH, NAB or AXA SA exercises that right,” Mr Allert said.
He also noted media speculation that AMP would make another proposal.
”In the event that any new proposal is received from AMP, or anyone else for that matter, your independent directors will consider it on its merits subject to any legal restrictions under the current agreement with NAB and AXA SA,” said.
Meanwhile CEO, Andrew Penn, said the outlook for the company is “very positive”.
“However, the climate has changed in the wake of the Global Financial Crisis and demand for regulatory change to address the perceived failings of the system has inevitably increased,” Mr Penn said.
As at 1122 AEST, AXA APH shares were down 4c to $5.95, while AMP shares were down 7c to $5.74 and NAB shares were 5c lower at $24.80.
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