Australia Says No-Go On NAB's $12B AXA Deal

Law360, New York (April 19, 2010, 3:23 PM EDT) -- Australia's competition watchdog has said it will oppose National Australia Bank Ltd.'s plan to acquire insurance giant AXA SA's Australian and New Zealand wealth management unit in a deal valued at $12.2 billion, but will not stand in the way of a competing bid from another Australian financial services company.

The Australian Competition and Consumer Commission said Monday a merger between banking giant NAB and AXA Asia Pacific Holding Ltd. would result in “a substantial lessening of competition in the market for retail investment platforms for...
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