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AXA Pacific and NAB bid to satisfy regulator concern over deal
by Alex Steger on Jul 16, 2010 at 09:53
AXA Asia Pacific and National Australia Bank (NAB) are in talks over extending the period for NAB to satisfy concerns raised by the Australian regulator over its deal to buy AXA Asia Pacific.
The Australian Competition and Consumer Commission (ACCC) raised concerns over the deal in April.
It said it would object to the proposed transaction, warning it would hurt competition for retail investors.
Under the terms of the deal, NAB would 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.
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