24 Mar 2010

NAB given more time over AXA bid

10:07 pm on 24 March 2010

National Australia Bank has been given more time to get its bid for AXA Asia Pacific's Australian and New Zealand operations in order.

The bank, which is the BNZ's parent company, put forward a $A4.6 billion takeover offer for the insurer and funds manager in December.

The firms had hoped to finalise a deal by 20 March but have now pushed back the deadline to 29 March to allow more time to finalise documents.

AXA Asia Pacific had already rejected a rival bid, from AMP, but analysts say any further delays could allow AMP to come back with a new offer.

The Australian Competition and Consumer Commission is expected to rule on the deal later this month.