insto - Australian financial markets

Competition regulator the ACCC has delayed its decision on the two bids for wealth management firm AXA Asia Pacific, saying it needs “to consider further information requested from the merger parties.” AMP and NAB are bidding against each other for AXA, with NAB’s stronger A$13.2 billion bid already endorsed by AXA’s independent directors. The market now has to wait until April for the ACCC to release its findings on the AMP and NAB bids. The regulator has previously said that it is concerned by the competition implications of the higher bid by the larger NAB.