SYDNEY, March 22 (Reuters) - AXA Asia Pacific Holdings has agreed with National Australia Bank to extend a takeover agreement to March 29, as the four-month long takeover tussle with AMP awaits regulatory clearance.
Fund manager and life insurer AXA Asia Pacific said on Monday that talks with NAB and France's AXA SA on the terms of their $12 billion takeover are at an advanced stage.
The extension was needed to finalise documents for the transaction.
NAB and AMP are circling AXA for one of the last remaining consolidation opportunities in Australia's nearly $1 trillion wealth management market, which is also the world's fourth largest.
AMP teamed up with AXA SA to make an offer for the Australian insurer and fund manager where AMP would retain the Australian and New Zealand assets but sell the other Asian assets of AXA Asia Pacific to its parent.
But NAB trumped AMP with a higher proposal.
'The independent directors continue to unanimously recommend the (NAB) proposal in the absence of a superior proposal,' AXA Asia Pacific said in a statement.
It had already rejected AMP's offer, but Australia's competition regulator recently tipped the scales back in AMP's favour after raising more concerns about NAB's bid than with the AMP offer. NAB is already's Australia's largest wealth manager.
The competition watchdog is set to rule on AMP's offer on April 1 and on NAB's on April 22.
An AMP spokeswoman said the company had no comment to make while AXA SA could not be immediately reached.
(Reporting by Narayanan Somasundaram; Editing by Balazs Koranyi)
((narayanan.somasundaram@thomsonreuters.com; +61 29373 1815; Reuters Messaging narayanan.somasundaram.reuters.com@reuters.net)) Keywords: AXAASIA NAB/ (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Fund manager and life insurer AXA Asia Pacific said on Monday that talks with NAB and France's AXA SA on the terms of their $12 billion takeover are at an advanced stage.
The extension was needed to finalise documents for the transaction.
NAB and AMP are circling AXA for one of the last remaining consolidation opportunities in Australia's nearly $1 trillion wealth management market, which is also the world's fourth largest.
AMP teamed up with AXA SA to make an offer for the Australian insurer and fund manager where AMP would retain the Australian and New Zealand assets but sell the other Asian assets of AXA Asia Pacific to its parent.
But NAB trumped AMP with a higher proposal.
'The independent directors continue to unanimously recommend the (NAB) proposal in the absence of a superior proposal,' AXA Asia Pacific said in a statement.
It had already rejected AMP's offer, but Australia's competition regulator recently tipped the scales back in AMP's favour after raising more concerns about NAB's bid than with the AMP offer. NAB is already's Australia's largest wealth manager.
The competition watchdog is set to rule on AMP's offer on April 1 and on NAB's on April 22.
An AMP spokeswoman said the company had no comment to make while AXA SA could not be immediately reached.
(Reporting by Narayanan Somasundaram; Editing by Balazs Koranyi)
((narayanan.somasundaram@thomsonreuters.com; +61 29373 1815; Reuters Messaging narayanan.somasundaram.reuters.com@reuters.net)) Keywords: AXAASIA NAB/ (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.