NAB extends terms of deed for AXA bid

National Australia Bank Ltd (NAB) and AXA Asia Pacific Holdings (AXA APH) Ltd have
agreed to extend the deadline for finalising transaction documents for the bank's
$13.3 billion takeover bid for the fund manager and life insurer.
AXA APH and NAB had hoped to finalise a deal by March 20 but have now put back the
deadline to March 29.
"The discussions to agree final transaction documents to implement the proposal
between AXA APH, NAB and AXA SA are at an advanced stage," NAB said in a statement
on Monday.
"The proposal is subject to shareholder approval and approval from Australian, Asian
and New Zealand regulators, and other conditions."
AXA SA in France holds 54 per cent of AXA APH.
AXA APH also said in a statement that talks to agree upon final transaction
documents were at an advanced stage and that independent directors of AXA APH
"continue to unanimously recommend the (NAB) proposal in the absence of a superior
proposal and subject to the opinion of an independent expert".
A spokeswoman for AXA APH said the company had no further comment.
AXA APH's independent directors have backed NAB's $13.2 billion offer for the
company, which trumped a bid from AMP.
However, AMP said in February that it had not given up on its bid for AXA APH.
A spokeswoman for AMP said on Monday that the company had no comment to make on
Monday's announcement by AXA APH and NAB.
She said AMP's stated position in February remained the same.
In February, AMP chief executive Craig Dunn had said AMP's next move in the AXA APH
battle would be to make a clear case to the consumer watchdog why its proposal was
better for competition than the bid from NAB.
"Craig Dunn made a number of comments when we released (our) full year results back
in February, and our position hasn't really changed since then," the AMP spokeswoman
said.
The Australian Competition and Consumer Commission (ACCC) had been expected to
decide by March 17 whether to allow the separate bids by NAB and AMP Ltd.
The ACCC had said on March 12 that a decision on the AMP bid would not be made until
April 1, and a decision on the NAB proposal had been delayed until April 22.
NAB had sought clearance by the regulator because both it and AXA APH offer life
insurance, superannuation products, wealth management and financial planning and
advisory services.
AMP and AXA APH both offer life insurance, superannuation products, wealth
management and financial planning and advisory services.
AMP also had requested that the ACCC review its proposed buyout of AXA APH's
Australian and New Zealand businesses.
Both NAB and AMP plan to sell the Asian component of AXA APH's operations to its
French parent, AXA SA.
AXA APH shares were one cent higher at $6.30 on Monday. NAB shares were 19 cents
lower at $26.71. AMP shares were five cents weaker at $6.26.