National Australia Bank Strikes AXA Asia Pacific Deal With AXA SA
30 March 2010 - 6:27PM
Dow Jones News
National Australia Bank Ltd. (NAB.AU) said Tuesday it has struck
an agreement with France's AXA SA (AXA) over its planned takeover
of AXA Asia Pacific Holdings Ltd. (AXA.AU), which will see NAB
emerge with AXA Asia Pacific's Australian and New Zealand
operations.
Under the deal, Paris-based AXA will buy AXA Asia Pacific's
Asian operations for A$9.4 billion, out of which A$700 million of
AXA Asia Pacific's Australian and New Zealand debt will be repaid,
meaning NAB will take the Australian and New Zealand operations
debt free.
"The proposal agreed today provides the opportunity to enhance
the access to competitive wealth management products and services
within Australia and New Zealand," National Australia Bank Chief
Executive Cameron Clyne said in a statement. "It is also an
attractive, strategically aligned opportunity that enhances NAB's
activities in the growing wealth management industry," he said.
NAB's offer, which has the backing of AXA Asia Pacific's board,
is subject to a break fee of A$35 million payable to the bank under
certain circumstances.
The agreement expires on July 31, but can be extended to Oct.
31, and remains subject to approval by Australian regulators and
Australia's Treasurer Wayne Swan.
-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093;
lyndal.mcfarland@dowjones.com
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