In this morning’s finance news we hear that the National Australia Bank (ASX: NAB) has gained an extension to its takeover bid for AXA Asia Pacific (ASX: AXA).
The new deadline of July 15 gives NAB time to appease the ACCC, whose concerns have so far stymied the $14 billion acquisition.
It now looks like NAB might sell retail investment software platforms to IOOF Holdings (ASX: IFL) and Tower Australia (ASX: TAL) in order to overcome the ACCC’s competition concerns.
The asset sale won’t be the only obstacle NAB has to clear. The federal treasurer must also sign off on the deal, which Reuters hints could be difficult given Wayne Swan’s concern about the big four banks’ increasing control over the country’s financial sector.
NAB Share Price
National Australia Bank
AXA Share Price
AXA Asia Pacific Holdings
Chart source Rapid Trader.
Get free live ASX data in Rapid Trader until December 2010!
