NAB extends terms of deed for AXA bid

AAP

NATIONAL Australia Bank Ltd says it has agreed with AXA Asia Pacific Holdings to extend the terms deed for its bid to acquire AXA Asia Pacific until next Monday.

"The discussions to agree final transaction documents to implement the proposal between AXA APH, NAB and AXA SA are at an advanced stage," NAB said in a statement to the stock exchange on Monday.

"The proposal is subject to shareholder approval, and approval from Australian, Asian and New Zealand regulators, and other conditions."

Early this month, Australia's competition watchdog 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.

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