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By: Staff Reporter
NAB has secured an exclusivity deal which will effectively stop Axa and its parent company Asia Pacific Holdings from talking with AMP about a competing proposal to take over the wealth management group.
According to a report in The Australian Financial Review, the exclusivity arrangement, announced yesterday, comes on the back of the ACCC’s decision to defer its decision on AMP’s lapsed proposal for Axa.
NAB recently made a $13.3 billion takeover bid for Axa.
Under the takeover proposal, NAB has agreed with Axa SA and Axa APH to buy the Australian and New Zealand of Axa APH for $4.6 billion.
Axa SA has agreed to purchase the Asian businesses for $9.4 billion, out of which $700 million will be used to repay Axa APH’s debt.
NAB chief executive Cameron Clyne said the proposal provides the “opportunity to enhance the access to competitive wealth management products and services within Australia and New Zealand”.
“It is also an attractive, strategically aligned opportunity,” he said.
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