UPDATE: NAB Satisfied With Due Diligence On AXA APH
January 22 2010 - 12:58AM
Dow Jones News
National Australia Bank (NAB.AU) is a step closer to taking over
AXA Asia Pacific Holdings Ltd. (AXA.AU) after the bank's
examination of the wealth manager's books found nothing to derail
its A$13.3 billion proposal.
NAB's A$6.43-a-share all-cash bid--endorsed by the target's
independent directors over a rival proposal from AMP Ltd.
(AMP.AU)--was subject to a number of conditions including that it
completed satisfactory due diligence. NAB and AXA APH announced
Friday that the due diligence has been completed.
"There were no adverse findings," said a NAB spokesman. "We
remain committed to our proposal."
The proposal also requires that France's AXA SA (AXA), which
owns 53.9% of AXA APH, agrees to buy the unit's Asian operations
from NAB, leaving the Australian and New Zealand units to the local
bank.
However, AXA SA is locked in an exclusivity deal with its
bidding partner AMP until Feb. 6, meaning it can't begin
discussions with NAB until then.
-By Rebecca Thurlow, Dow Jones Newswires;
61-2-8272-4679; rebecca.thurlow@dowjones.com
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