AXA, National Australia Agree To Delay $11.5B Deal

Law360, New York (July 19, 2010, 4:49 PM EDT) -- Concerns from competition regulators have forced French financial services conglomerate AXA Group to delay a $11.5 billion deal with National Australia Bank Ltd. that would give NAB control of AXA's Australian business.

NAB will now have until Aug. 31 to satisfy concerns raised by the Australian Competition and Consumer Commission, AXA said Monday.

The ACCC said in April it would oppose the proposed deal, in which NAB would get AXA's businesses in Australia and New Zealand, and AXA would keep its Asian businesses.

AXA and NAB...
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