Australian regulators reject NAB bid for AXA Asia Pacific

9th September 2010, Comments 0 comments

Australian regulators rejected National Australia Bank's (NAB) 12.2 billion US dollar bid for financial services firm AXA Asia Pacific Thursday over concerns about competition in the industry.

The Australian Competition and Consumer Commission (ACCC) said NAB's suggestion of divesting key technology, after the takeover was initially rejected in April, had failed to ease competition fears.

"The proposed undertakings offered by the parties do not provide sufficient certainty that the ACCC's competition concerns will be addressed," said ACCC deputy chairman Peter Kell.

© 2010 AFP

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