Australia ACCC Chairman Samuel Steps Aside From AXA APH/NAB Merger Case
18 August 2010 - 10:48AM
Dow Jones News
Australian Competition & Consumer Commission Chairman Graeme
Samuel on Wednesday stood aside from deliberations on National
Australia Bank Ltd.'s (NABZY) bid for AXA SA's (AXAHY) Asia Pacific
unit to avoid perception of conflict of interest in relation to his
family's investment in the DFO shopping center chain.
The ACCC said NAB and target AXA Asia Pacific Holdings Ltd.
(AXA.AU) have been consulted and expressed no concern at Samuel's
continuing involvement.
"However, the commission accepted Mr. Samuel's position that he
would cease to be involved in any further Commission deliberations
on the NAB/AXA merger proposal," the regulator said in a
statement.
"Mr. Samuel advised that he considered this course of action
necessary to remove any perception of a conflict of interest
arising from current issues concerning his family's investment in
the DFO shopping center chain."
The DFO shopping empire owes A$450 million to a lending
syndicate comprising NAB, St. George Bank Ltd. (SGB.AU),
Suncorp-Metway Ltd. (SUN.AU) and Bank of Scotland International,
people familiar with the situation told Dow Jones Newswires
Tuesday. The banks could appoint Korda-Mentha as receiver after
refusing to pay further credit to DFO and on Monday serving notices
expiring at midday Tuesday calling in the company's loans, one
person said.
-By Rebecca Thurlow, Dow Jones Newswires; 61-2-8272-4679;
rebecca.thurlow@dowjones.com
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