Financial services firm AXA Asia-Pacific on Tuesday said its support for a A$13.29 billion (US$11.59 billion) takeover by National Australia Bank (NAB) could be withdrawn at the end of the month.
AXA Asia-Pacific Holdings said it may terminate its backing for NAB if it fails to satisfy the Australian Competition and Consumer Commission (ACCC), which has already rejected the bid, by May 31.
Chairman Rick Allert said while NAB was working to address the corporate watchdog’s concerns, he was “still unable to advise what the outcome of these discussions or actions may be.”
“However, as ACCC approval is one of the conditions precedent in NAB’s proposal, if a satisfactory conclusion is not reached by 31 May, your independent directors can then decide whether or not to terminate the agreement made to implement the NAB proposal,” he told shareholders in Melbourne.
Allert said he believed the NAB offer — under which France’s AXA SA, the holding company for the AXA Group, would take its subsidiary’s Asian arm while NAB would control its Australian and New Zealand businesses — was still in the best interests of shareholders.
He said AXA Asia-Pacific would take into account NAB’s talks with the ACCC when deciding whether to extend support for the bid, which would see NAB become one of Australia and New Zealand’s leading wealth management groups.
“Your independent directors will further consider this matter in light of the prevailing circumstances at that time,” Allert told shareholders.
Allert said AXA Asia-Pacific had held talks with NAB on the possibility of the bank selling assets to ensure the competition watchdog gave the takeover the green light, but declined to elaborate.
AXA Asia-Pacific had also held talks with the ACCC following its “surprise” decision to block the takeover by NAB, he said.
NAB refused to comment on the talks but said, through a spokesman, that all options remained on the table, including the possibility of legal appeals against the ACCC decision.
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