POWERED BY MOMENTUM MEDIA
NAB gains extension on AXA AP
|
The National Australia Bank (NAB) has ensured it remains squarely in the hunt to acquire AXA Asia Pacific by securing an extension to the negotiating period with AXA Asia Pacific's parent.
NAB announced to the Australian Securities Exchange this morning that the extension had been agreed to allow the bank to satisfy concerns raised by the Australian Competition and Consumer Commission (ACCC).
The extension will see the negotiating period end on 15 July, 2010.
In mid-April, the ACCC announced that it would be opposing NAB's acquisition of AXA Asia Pacific on the basis of concerns about platform ownership. NAB is currently in discussion with the competition regulator to determine whether those concerns can be addressed.
AMP, which is also vying for ownership of AXA Asia Pacific, has indicated its continued interest.
NAB issued a statement that said the agreed extension meant that no party would be able to terminate the so-called Framework Deed for failure to obtain competition clearance in Australia unless that failure continued until the end of 15 July.
AUTHOR
Mike Taylor
Recommended for you
The Your Future, Your Super scheme and RG 97 may be directing capital away from more productive uses and discouraging active investment strategies, says the independent MP.
SuperRatings has shared the top 10 balanced options of the last financial year.
Rest Super remains “fully committed” to equities, even as it anticipates higher market volatility than experienced in previous decades.
Australian superannuation funds have again generated strong returns for FY25, with the median growth fund returning 10.5 per cent for the year, according to Chant West.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
