National Australia Bank Not Ruling Out Any Options For AXA APH Bid

National Australia Bank Ltd. (NAB) said Monday the bank isn't ruling out any options as it considers how to advance its bid for AXA Asia Pacific Holdings Ltd. (AXA.AU).

A report in the Australian Financial Review on Saturday said NAB Chief Executive Cameron Clyne told U.S. institutional investors that the bank has ruled out a legal appeal against the Australian Competition and Consumer Commission. The ACCC said in April that it would oppose NAB's bid, and that it wouldn't oppose a bid from rival AMP Ltd. (AMP.AU).

"We haven't ruled anything out," a NAB spokesman said Monday.

"We have said that we are examining all our options and that is what we are doing," the spokesman said.

The newspaper also said Clyne told U.S. investors that the bank is in preliminary talks with the ACCC on selling an investment platform in order to win the approval of the regulator for the bid.

The NAB spokesman said Clyne had conducted investor briefings as part of the bank's post-results roadshow however Clyne didn't make the comments that were reported in the newspaper article.

The spokesman wouldn't say if the bank has been having prelimary discussions with the ACCC about possible divestments.

NAB has a six-week window, until the end of May, in which it can reach an agreement with the ACCC without possibly losing the support it has already won from either AXA Asia Pacific or French parent AXA SA (AXA) for the transaction.

AMP said Thursday its immediate focus in attempting to take over AXA Asia Pacific Holdings is working through the relevant regulatory matters still outstanding.

The NAB spokesman declined to comment on a report in London's The Sunday Times that NAB is in talks with Spain's BBVA (BBVA) about creating a banking joint venture in the U.K.

"We just aren't going to comment on speculation," he said.

Without citing sources, the newspaper said the two banks have discussed working together on a deal to buy the 300 branches being sold by Royal Bank Of Scotland Group PLC (RBS), with a view to buying more U.K. bank branches once they are put up for sale over the next few months.

-By Rebecca Thurlow, Dow Jones Newswires; 61-2-8272-4679; rebecca.thurlow@dowjones.com

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