ACCC delays decision on AXA APH takeover

Australia's competition watchdog has delayed a decision on two competing bids for AXA Asia Pacific Holdings Ltd.

The Australian Competition and Consumer Commission (ACCC) was due to decide by March 17 whether to allow the separate bids by National Australia Bank (NAB) and AMP Ltd.

On Friday the ACCC said a decision on the AMP bid would not be made until April 1 and the decision on the NAB proposal had been delayed until April 22.

NAB had sought clearance by the regulator because both it and AXA Asia Pacific offer life insurance, superannuation products, wealth management and financial planning and advisory services.

AMP also had requested that the ACCC review its proposed buyout of AXA Asia Pacific Holdings' Australian and New Zealand businesses.

AMP and AXA Asia Pacific both offer life insurance, superannuation products, wealth management and financial planning and advisory services.

AXA APH's independent directors have backed NAB's $13.2 billion offer for the company.

Both NAB and AMP plan to sell the Asian component of AXA APH's operations to its French parent company, AXA SA.

AXA APH's board had said it wanted to finalise a deal with NAB by March 20.

That deadline now looks like it will have to be pushed back until after the ACCC announces its decision.

Shares in AXA APH closed nine cents higher at $6.31 and NAB shares were up 15 cents to $26.90.