Australia Rejects Remedies In $12B AXA-NAB Deal

Law360, New York (September 9, 2010, 3:33 PM EDT) -- Australia's competition watchdog is continuing to block a proposed $11.9 billion deal between French insurer AXA Group and National Australia Bank Ltd. after finding that the parties' proposed antitrust remedies are insufficient.

The Australia Competition and Consumer Commission said Thursday that the divestitures the parties had suggested for AXA Asia Pacific Holdings Ltd. would not alleviate competition issues in the market for retail investment platforms.

NAB and AXA submitted a proposal in August to sell AXA's North platform administration business to IOOF Holdings Ltd. to resolve...
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