Regulator block NAB’s $12bn bid for Axa Asia

first_img Regulator block NAB’s $12bn bid for Axa Asia Thursday 9 September 2010 3:42 am Tags: NULL Australia’s competition regulator blocked National Australia Bank’s $12bn (£7.8bn) bid for AXA Asia Pacific for a second time, dashing NAB’s efforts to cement its dominance in the world’s fourth-largest wealth management market.The decision clears the decks for Australia’s second-biggest fund manager, AMP, to take another tilt at AXA Asia Pacific after its cash and share offer was trumped by NAB in December.The ruling sent AXA Asia Pacific’s shares tumbling by a tenth to levels not seen since it was put in play late last year, as investors bet NAB, Australia’s top lender, would give up its nine-month quest for control of the unit of France’s AXA.“I think it is time for NAB to move away from this bid. It has been nearly a year and they don’t need more distractions,” said Tom Elliot, Managing Director at hedge fund MM&E Capital.Australia’s top four banks, which hold dominant positions in everything from mortgages to life insurance, are looking to increase their sway over the $1 trillion wealth market that is seen growing at over 10 percent annually for the next five years on compulsory pension contributions, compared to loan growth of under five per cent a year. whatsapp John Dunne More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com whatsapp Show Comments ▼ Sharelast_img read more