AMP is seeking Commerce Commission approval to buy rival wealth protection and management company AXA Asia Pacific after the bid by rival suitor National Australia Bank was rejected by Australian regulators last month. The Commerce Commission said last ni
AMP is seeking Commerce Commission approval to buy rival wealth protection and management company AXA Asia Pacific after the bid by rival suitor National Australia Bank was rejected by Australian regulators last month.
The Commerce Commission said last night it had received an application from AMP Limited seeking clearance to acquire the Australian and New Zealand assets and business of AXA Asia Pacific Holdings Limited.
AMP has already won the approval of the Australian competition regulator the ACCC, which turned down National Australia Bank’s A$13.3 billion bid on the grounds it would reduce competition in the market.
In New Zealand, Axa and AMP both provide superannuation, investment, life insurance and financial planning products and services.
AMP Limited is listed on both the Australian and New Zealand stock exchanges.
AXA Asia Pacific Holdings Limited is listed on the Australian Stock Exchange and operates throughout Asia Pacific including New Zealand and Australia. It is 54% owned by international holding company AXA S.A., with the balance of shares held by public shareholders.
The Commerce Commission said in considering the application it role is to determine whether the acquisition has the effect of substantially lessening competition in a market.
