15 Sep 2010

NAB bid for AXA Asia Pacific now over

6:03 am on 15 September 2010

The National Australia Bank has terminated its deal to buy the Australian and New Zealand branches of AXA Asia Pacific.

The Australian Competition and Consumer Commission last week rejected NAB's $A13.3 billion bid, saying it would substantially lower competition in the retail investment market.

The bank could have headed to court to challenge the ACCC's decision, or sold-on more of AXA to satisfy the commission's concerns, but it now says continuing with the agreement would not be in the best interests of its shareholders.

NAB's withdrawal from the bidding leaves AMP as the only party interested in acquiring AXA Asia Pacific's Australian and New Zealand businesses.