THE Australian Competition and Consumer Commission has delayed releasing the findings of its probe into National Australia Bank's friendly $13.3 billion all-cash acquisition of AXA Asia Pacific until late next month as it seeks further information on the planned deal.
The delay is the latest in a series of reviews that the competition watchdog has put back as it considers a string of complex transactions, including the proposed iron ore joint venture between BHP Billiton and Rio Tinto. The new timetable keeps alive the hopes of wealth management company AMP, which is looking to keep its initial cash and share bid for AXA AP open. Some see the delay as a sign that the ACCC is taking a closer look at potential problem areas in a merger of NAB and AXA AP.
Although NAB has the backing of AXA AP's board, the regulator is still holding a separate review on a possible tie-up between AMP and AXA AP.
AXA AP's main shareholder, France's AXA SA, has said it will await the ACCC's findings before backing either of the offers. Under both proposals, NAB and AMP will offload the Australian fund manager's Asian operations to AXA SA for $9.6 billion.
The ACCC had planned to release its findings for the NAB and AMP bids on Wednesday but now expects to rule on AMP on April 1 and NAB on April 22.
