Australia's ACCC To Decide On NAB Undertakings On AXA Asia Pacific Bid By Sept. 9
09 8월 2010 - 9:37AM
Dow Jones News
Australia's competition regulator said Monday it will take
another month to consider if an undertaking by National Australia
Bank Ltd. (NAB.AU) to sell AXA Asia Pacific Holdings Ltd.'s
(AXA.AU) North retail investment platform alleviates the concerns
that led to it rejecting NAB's A$13.3 billion bid for the wealth
management firm.
"The undertakings provide for the divestiture of the North
platform administration business carried out by AXA, using the
Bluedoor software owned by DST Global Solutions, to IOOF Ltd.," the
Australian Competition and Consumer Commission said in a
statement.
The ACCC rejected NAB's original proposal on April 19 after
ruling that it would result in a substantial lessening of
competition in the market for supply of retail investment
platforms.
The regulator said it has commenced market consultation on the
undertakings by NAB and will take public submissions until Aug. 23
ahead of an expected decision on Sept. 9.
"Following market consultation, the ACCC will decide whether to
accept or reject the proposed undertakings, including IOOF as a
proposed purchaser of the divestiture business," the ACCC said.
-By Bill Lindsay, Dow Jones Newswires; 61-2-8272-4694;
bill.lindsay@dowjones.com
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