Axa talks to Australian competition regulator on NAB decision

Australian listed AXA ASIA PACIFIC HOLDINGS LTD (AXA APH) (ASX:AXA) chairman Rick Allert says the wealth manager and insurer has held discussions with the Australian competition regulator following the decision to block NATIONAL AUSTRALIA BANK LTD'S (ASX:NAB) takeover bid. Mr Allert told reporters he was surprised that the Australian Competition and Consumer Commission (ACCC) had knocked back NAB's bid for AXA APH.

* "We were surprised that they thought that was of sufficient merit to be anti competitive," he said of AXA APH's North wealth platform product.

* The ACCC said in its ruling that it was concerned competition and innovation would be harmed if NAB and AXA APH combined wealth platforms and while Mr Allert declined to comment on whether the ACCC's decision was incorrect or not, he said that NAB had discussed with the ACCC the potential sale of wealth management assets to enable its bid for AXA APH to be approved.