AXA Asia Pacific Holdings (ASX:AXA) and National Australia Bank (ASX:NAB) have both agreed to an extension for NAB to satisfy concerns raised by the Australian Competition and Consumer Commission until the end of 31 August 2010.
On 19 April the ACCC said that it would oppose NAB's $13.3 billion takeover bid for the Australian and New Zealand businesses of AXA Asia Pacific through acquiring all of the company and divesting the Asian businesses to AXA Asia Pacific's French parent AXA SA.
Approval from the consumer watchdog is one of the conditions necessary for the proposal to proceed and AXA says that NAB is continuing to pursue its options in relation to the objections that have been raised in regards to the proposal.
AXA Asia Pacific, AXA SA and NAB have agreed for the payment of an interim dividend to AXA Asia Pacific shareholders of up to 9.25 cents per share if determined by the directors of AXA Asia Pacific.
Both companies have also extended the end date for shareholder and court approval for the proposal from 31 October 2010 to 31 January 2011.
AXA Asia Pacific Holdings reported a profit of $679 million for the year ending 30 December 2009.
NAB Price at posting:
$24.08 Sentiment: None Disclosure: Held
