AXA and NAB fail to convince Australian regulator over deal

AXA and National Australia Bank (NAB) have failed in their bid to satisfy the Australian competition regulator's concerns over NAB's proposed acquisition of Asia Pacific Holdings.

The Australian Competition and Consumer Commission (ACCC) said it remained opposed to the transaction, after blocking the deal in April.

It said that the deal would be likely to result in a 'substantial lessening of competition' in the retail investment platform market.

AXA Asia Pacific and National Australia Bank (NAB) had been in talks over extending the period for NAB to satisfy concerns raised by the ACCC over the deal.

The deal would have seen NAB acquire 100% of APH, retain the Australian and New Zealand businesses of AXA APH but sell 100% of the Asian businesses of AXA APH back to AXA.