UPDATE: National Australia Bank Unveils Bid For AXA Asia Pacific

National Australia Bank Ltd. (NAB) Thursday unveiled a surprise A$13.3 billion bid for AXA Asia Pacific Holdings Ltd. (AXA.AU), upstaging a bid from AMP Ltd. (AMP.AU) and AXA SA (AXA).

The bank has offered A$6.43 cash a share for AXA Asia Pacific in a deal backed by the target's independent directors, AXA Asia Pacific said in a statement. Under the proposal, shareholders can also accept a combination of cash and NAB shares.

NAB Chief Executive Cameron Clyne told analysts the plan was in line with the group's strategy of boosting exposure to the Australia and New Zealand wealth management sectors.

If its bid is successful, it plans to offer AXA Asia Pacific's Asian wealth businesses to AXA SA.

AXA SA is currently backing AMP's A$12.85 billion cash and shares offer for the group. AMP is offering 0.6896 AMP shares for each AXA APH share alongside an increased A$1.92 per share in cash.

"The independent board committee has unanimously concluded that the NAB proposal is in the best interests of AXA APH minority shareholders and superior to the rejected AMP, AXA SA revised proposal, in both its value and terms," AXA APH Chairman Rick Allert said.

A spokesman for AXA SA said it would carefully consider the NAB plan but will speak to AMP before responding.

AMP wouldn't immediately comment on the NAB proposal.

-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093; lyndal.mcfarland@dowjones.com

(Bill Lindsay and Cynthia Koons contributed to this article)

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