National Australia Bank mulls defying regulator on Axa

NAB disagrees on ACCC’s ruling on competition issue and undertakes changes to pursue its US$13bln bid.

National Australia Bank is considering sweeping changes to keep its A$14 billion (US$13.03 billion) takeover bid for Axa Asia Pacific (APH) alive and ease the regulator's competition concerns.

The bank Tuesday night rejected the Australian Competition & Consumer Commission's surprise decision to block the offer, saying it disagreed and was disappointed with the view that competition in the retail investment platform market would be severely reduced by a merger between NAB and APH.

"NAB believes that the ACCC's characterisation of the relevant market is incorrect," the bank said in a statement.

"It does not agree that there is any substantial lessening of competition, including in the segment of the market that provides retail investment platforms for investors with complex investment needs.

"There are a range of options open to NAB and these are being actively pursued."

The statement followed a war of words between the bank and ACCC chairman Graeme Samuel, who earlier claimed NAB was unwilling to alter its bid during the investigation, despite competition concerns being raised.

View the full story in The Australian.