National Australia Bank: Agreement With AXA APH Terminated
14 September 2010 - 6:38PM
Dow Jones News
National Australia Bank Ltd. (NAB.AU) said Tuesday it has
terminated its A$13.3 billion agreement to take over AXA Asia
Pacific Holdings Ltd. (AXA.AU) after the Australian competition
regulator last week said it will block the deal on competition
concerns.
"Although we are disappointed with the decision of the ACCC
(Australian Competition and Consumer Commission), we have a strong
position through MLC and NAB's other wealth management businesses,"
the bank's chief executive, Cameron Clyne, said in a statement.
"NAB remains very committed to participating in the wealth
management industry which is an important part of the bank's
future. However, considering all the options, continuing with this
agreement is not in the best interests of shareholders," he said in
the brief statement.
-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093;
lyndal.mcfarland@dowjones.com
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