NAB to become king of super

18/12/2009

National Australia Bank has trumped a bid by AMP and bought AXA Australia/New Zealand from AXA Asia Pacific Holdings in a deal worth more than $13 billion.

"The independent board committee has unanimously concluded that the NAB proposal is in the best interests of AXA APH minority shareholders and superior to the rejected AMP/AXA SA revised proposal, in both its value and terms," AXA APH chairman Rick Allert said.

"We believe the NAB proposal recognises the strength of this franchise and its growth prospects."

The deal will make NAB the biggest superannuation funds manager and the country’s biggest life insurer.

"We see this as a transformational and strategic deal," NAB chief executive Cameron Clyne said during a teleconference.

"It is consistent with our continued focus on the Australian market and our growing leadership positions in business banking and wealth management."

Source: The Daily Telegraph

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