So that’s about it for the AMP and its ambitions to take over rival, AXA Asia Pacific Holdings, with Axa’s French parent, AXA SA.
The AMP said yesterday that it’s considering its position in relation to its takeover bid, following the expiry of an exclusivity agreement with the target’s French parent.
AMP said yesterday that its exclusivity agreement with AXA SA over their bid for AXA Asia Pacific had expired and, as a result, the two were no longer associated.
"As the agreement has terminated, AXA SA is no longer an associate of AMP and therefore AMP is no longer a substantial holder in AXA Asia Pacific Holdings Limited (AXA AP)," AMP said in a statement to the ASX.
The exclusivity agreement expired on Saturday, February 6.
"AMP continues to consider its position in relation to AXA AP," AMP said.
The statement came after media reports that the National Australia Bank CEO, Cameron Clyne and other senior executives had flown to Paris to start talks today with Axa over a deal to buy AXA Asia Pacific.
The easiest way for the NAB to get a bid up would be for it to convince AXA to partner it in any bid for control of the Australian and Asian operations.
AXA has long coveted its subsidiary’s Hong Kong-based financial services and management businesses.
The NAB only wants the Australian arm to inject into the MLC arm (which is now digesting Aviva, bought midway through 2009).
That will make the NAB’s funds management and wealth businesses one of the largest in the country.
The expiry of the exclusivity agreement the AMP had with the French parent now allows NAB’ through its all-cash bid valuing AXA APH at $13.29 billion, to begin discussions with AXA SA.
NAB won the backing of AXA APH’s independent directors, something AMP and AXA SA’s bid failed to do.
All parties will focus on what the ACCC will say in coming days.
The Australian Competition and Consumer Commission is reviewing competition issues surrounding both bids and will report its findings to the AMP tomorrow, February 10 and NAB on March 18.
AXA SA is already the majority owner of AXA APH and raised 2 billion euros in early December to fund acquisitions and then bought insurers in Romania and Azerbaijan.
AMP shares rose 10c to $6.25 yesterday, AXA shares were steady on $6.45 and NAB shares edged up 16 cents to $25.47.
