The competition watchdog has announced to seek consultation from market participants on National Australia Bank Ltd's proposal. It has reportedly granted a two week time to market participants for posting their decision on the same.
The Australian Competition and Consumer Commission (ACCC) will post its decision whether National Australia Bank Ltd's (NAB) modified $13.3 billion bid for AXA Asia Pacific Holdings Ltd (AXA) should be granted approval or not, following views by the market participants.
The regulator on Monday announced to be referring the views of the market participants whether NAB's proposal to sell its AXA APH's North wealth management podium would assist in lowering the regulator's competition related concerns.
According to the proposal unveiled Friday by NAB and AXA, the North wealth.net investment platform administration arm would be acquired by IOOF Holdings Ltd. before the NAB's takeover completes.
However, the sale will not include any hand over North products by IOOF.
ACCC is expected to unveil its final decision somewhere around September 9. However, ACCC has declined to make any sort of public comment relating to any proposed undertakings prior to its decision.
AXA's stock was witnessed to nudge up 28 cents, or 5.37%, higher touching $5.49.