6 Aug 2010

Takeover target in trading halt

6:09 am on 6 August 2010

AXA Asia Pacific, which is the subject of takeover bid by the National Australia Bank, has been placed in a trading halt, prompting fears that the bid has run into more trouble.

AXA Asia Pacific requested the halt to make an announcement on the status of the regulatory process on NAB's bid, but declined to make further comment.

NAB's bid was blocked in April by the Australian Competition and Consumer Commission, which cited competition concerns. The ACCC favoured a bid from AMP, which has now lapsed.

NAB says it remains in discussions with the ACCC and would announce any material development.

NAB has been in talks with the commission for several months and Reuters reports that the bank has submitted several draft proposals.

AXA has asked for the trading halt to be in place until Monday, 9 August.