{"id":5460,"date":"2010-03-30T19:46:53","date_gmt":"2010-03-30T08:46:53","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=5460"},"modified":"2020-02-06T08:09:08","modified_gmt":"2020-02-05T21:09:08","slug":"nab-reaches-agreement-on-sale-of-axa","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/03\/30\/nab-reaches-agreement-on-sale-of-axa\/","title":{"rendered":"NAB Reaches Agreement to Buy AXA"},"content":{"rendered":"<p>National Australia Bank\u00a0has announced it has\u00a0agreed binding terms with AXA Asia Pacific Holdings (AXA AP) and its\u00a0French parent company, AXA SA, for the purchase of\u00a0 AXA AP&#8217;s Australian and New Zealand businesses.<\/p>\n<p><!--more-->The merger deal includes a purchase price of $4.6 billion for the Aust\/NZ businesses, or $6.34 per AXA AP share,\u00a0which is the same price\u00a0offered by NAB\u00a0in its initial\u00a0bid in December 2009.\u00a0 This price\u00a0trumps AMP&#8217;s initial offer of $$5.34 per AXA AP share, which was subsequently lifted to $6.22.<\/p>\n<p>As part of the arrangement,\u00a0AXA SA will\u00a0acquire AXA AP&#8217;s Asian businesses for $9.4 billion.<\/p>\n<p>The agreement of binding terms means the sale of AXA Aust\/NZ to NAB will now be completed, subject\u00a0to:<\/p>\n<ul>\n<li>Approval of the proposal by AXA AP minority shareholders<\/li>\n<li>Approval by the Federal Treasurer and APRA<\/li>\n<li>No objections to the merger by the Australian Competition and Consumer Commission (ACCC)<\/li>\n<\/ul>\n<h6>&#8230; a combined NAB\/MLC\/Aviva\/AXA would hold a market share greater than the combined total of its two nearest rivals<\/h6>\n<p>While the\u00a0merged entity would dominate retail superannuation, retirement incomes and retail managed funds, the area of greatest dominance would be in the individual\u00a0life insurance sector, where a combined NAB\/MLC\/Aviva\/AXA would hold a market share greater than the combined total of its two nearest rivals (CBA\/CommInsure and ANZ\/ING).<\/p>\n<p>Dealer groups included in the proposed acquisition are:<\/p>\n<ul>\n<li>Genesys<\/li>\n<li>AXA Financial Planning<\/li>\n<li>Charter Financial Planning<\/li>\n<li>ipac<\/li>\n<\/ul>\n<p>The acquisition terms\u00a0will allow NAB the use of the AXA brand in Australia and New Zealand for up to two years, &#8216;&#8230;to assist with transition&#8217;.<\/p>\n<p>NAB Group CEO, <strong>Cameron Clyne<\/strong>, said he was pleased with the progress that has been made in the acquisition process, commenting that the proposal\u00a0&#8220;&#8230; provides the opportunity to enhance the access to competitive wealth management products and services within Australia and New Zealand.&#8221;<\/p>\n<p>The ACCC is due\u00a0to hand down its\u00a0decision on NAB&#8217;s takeover proposal for AXA AP (as well as that of AMP&#8217;s bid) on 22 April,\u00a0 and the nature of its decision is likely to determine\u00a0the outcome of the proposed\u00a0acquisition.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Australia Bank\u00a0has announced it has\u00a0agreed binding terms with AXA Asia Pacific Holdings (AXA AP) and its\u00a0French parent company, AXA SA, for the purchase of\u00a0 AXA AP&#8217;s Australian and New Zealand businesses.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":{"0":"post-5460","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-company-news"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/5460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=5460"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/5460\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=5460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=5460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=5460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}