On 30 March 2010, AXA Asia Pacific Holdings Limited (AXA APH) agreed terms with National Australia Bank Limited (NAB) for the Independent Directors to unanimously recommend a conditional proposal for AXA APH (NAB Proposal), in the absence of a superior proposal and subject to a number of conditions, including various regulatory approvals, the review of an independent expert and shareholder approval.
However, on Monday 19 April 2010, the Australian Competition and Consumer Commission (ACCC) announced that it had decided to oppose NAB’s proposed acquisition of AXA APH’s Australian business. Approval from the ACCC is one of the conditions for the Proposal to proceed. The announcement by the ACCC that it is opposing the Proposal can be found on their website at www.accc.gov.au.
NAB has since announced that it is pursuing its options to address the ACCC’s concerns. If NAB is not able to reach a satisfactory conclusion with the ACCC within six weeks of the ACCC’s announcement, your Independent Directors can consider whether or not to terminate the agreement signed to implement the Proposal. NAB and AXA SA can also do the same. AXA APH will provide an update on the status of the transaction when it is available.
If you have any questions please call 1300 367 373 or +61 3 9415 4000.
