NAB Nixes Deal To Acquire AXA APH

Law360, New York (September 14, 2010, 2:30 PM EDT) -- National Australia Bank Ltd. has backed down from a AU$13.3 billion (about $12.6 billion) agreement to acquire AXA Asia Pacific Holdings Ltd. following the Australia competition regulator’s decision to oppose the deal.

The companies said Tuesday that NAB had called off the deal, which had been in the works since December 2009, citing a Sept. 9 decision by the Australian Competition and Consumer Commission to reject the proposed acquisition for a second time this year.

The ACCC argued that a union of NAB and AXA APH...
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