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NAB pulls out of bid for AXA

After its bid for AXA Asia Pacific was blocked for a second time by the Australian Competition and Consumer Commission, NAB has abandoned its $13 billion takeover proposal. Despite the proposed sale of some of AXA’s investment businesses the ACCC felt this would not be enough to guarantee a competitive restraint on a merged NAB-AXA. In terms of life insurance, NAB already owns MLC and in June last year acquired Aviva’s Australia wealth and life insurance business for $720M. Aviva life insurance products will be rebranded as MLC from 2nd October 2010.

The withdrawal of NAB leaves the way open for AMP to make another offer to acquire AXA Asia Pacific’s Australian and New Zealand businesses.