NAB beats rivals with $12b bid for Axa division

SYDNEY: National Australia Bank Ltd bid A$13.3 billion ($12 billion) for Axa Asia Pacific Holdings Ltd, scuttling AMP Ltd's joint offer with French insurer Axa SA and winning approval from the wealth manager's independent directors.

The bank offered A$6.43 a share for Axa Asia Pacific, beating the A$6.22 bid by AMP and Axa SA, which owns 54 percent of Axa Asia Pacific. The deal is conditional on Axa SA's agreement to buy Axa Asia Pacific's units in eight Asian countries, according to a statement .

The deal leaves AMP, Australia's second-largest asset manager, empty-handed after what it called its "best and final" bid was rejected yesterday. National Australia Bank is paying A$4.6 billion for Axa Asia Pacific operations in Australia and New Zealand, adding to assets acquired in its purchase of Aviva Plc's local units in June.