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.
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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.