NZ Regulator Authorizes AMP to Acquire AXA Asia Pacific

Mark Berry

According to a recent report, AMP has got the authorization from the New Zealand's Commerce Commission to get their hands on the Australasian operations of AXA Asia Pacific Holdings.

AMP is happy with the move but it has not made up its mind regarding the proposal of a higher bid to defeat of National Australia Bank, which had foiled its earlier offer.

Mark Berry, Commerce Commission Chairman, revealed that the acquirement will not considerably decrease the competition in any of the markets.

The Commission is of the view that the tough competition from the Companies participating in the bid will be sufficient to restrict the newly merged AMP and AXA.

The New Zealand regulator considered the impact of the acquirement on both the national markets for giving products and services. The services include guarding wealth, administration of wholesale and retail finance, monetary planning and other consultative services.

AMP had reportedly made a bid of $12.85 billion along with France's AXA SA, to acquire AXA APH. However, NAB had made an offer of $13.29bn.

AMP revealed that amalgamation of AMP with APH's Australian and New Zealand operations would be instrumental in creating a fifth pillar in the seriously imperative sector of economic services.