Page last updated at 09:51 GMT, Tuesday, 30 March 2010 10:51 UK

Axa Asia Pacific accepts takeover offer

NAB bank branch
National Australia Bank has outbid rival AMP

Australian financial services group Axa Asia Pacific has agreed to a takeover plan by National Australia Bank (NAB) and French insurer Axa.

The 13.3bn Australian dollar ($12.2bn; £8.1bn) proposal will now go before the Australian competition authorities.

Last December, NAB offered $12bn for the Australian firm, one month after Axa Asia Pacific rejected a bid from parent Axa and local rival AMP.

A further bid from AMP is still a possibility.

NAB said it would pay A$4.6bn for Axa Asia Pacific's Australian and New Zealand businesses, while Paris-based Axa would pay A$9.4bn for the Asia businesses.

"We are pleased to have reached formal agreement with NAB and Axa as the next stop in implementing the proposal," Axa Asia Pacific Holdings chairman Rick Allert said.

Axa, which is Europe's second-largest insurer, bought a 51% stake in Axa Asia Pacific in 1995.

NAB is Australia's largest lender.

Print Sponsor

NAB bids $12bn for Axa Asia unit
17 Dec 09 |  Business
Axa Asia unit snubs $10bn offer
09 Nov 09 |  Business

The BBC is not responsible for the content of external internet sites

MarketWatch Asian shares mostly lower; materials shares weaken - 1 hr ago
Reuters UK EADS silent after Sarkozy hints at tanker bid - 1 hr ago
Times Online Need to know: 3 growth ... Freeview launch ... Hansteen profits ... - 4 hrs ago
Business Day National Australia Bank, Axa move closer to Axa Asia Pacific takeover - 7 hrs ago
Financial Times Chi-X secures licence to operate in Australia - 7 hrs ago

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Sign in

BBC navigation

Copyright © 2019 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific