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AMP cleared by NZ to buy AXA APH

Wealth manager AMP Ltd has received clearance from New Zealand's competition watchdog to buy rival AXA Asia Pacific Holdings Ltd (AXA APH).

AMP initiated the attempt to buy AXA APH together with the target's French majority owner, AXA SA, before National Australia Bank Ltd (NAB) came in with a better offer.

NAB now is negotiating with Australia's competition regulator to win approval for its attempt to buy the Australian and New Zealand assets of AXA APH.

On Monday, New Zealand's Commerce Commission granted clearance for AMP to acquire the Australian and New Zealand operations of AXA APH.

Commerce Commission chair Mark Berry said the commission was satisfied that the proposed takeover would not have the effect of substantially lessening competition.

AMP welcomed the decision.

"A merger between AMP and AXA APH's Australian and New Zealand businesses would create a fifth pillar in the critically important financial services sector, creating a stronger wealth manager to better serve the Australian and New Zealand communities," AMP said.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

More about: AB, AMP, AXA, NAB, National Australia Bank

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