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.



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

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