☰

Empresas y finanzas

Australia's NAB withdraws from AXA Apac bid battle


    SYDNEY (Reuters) - National Australia Bank (NAB) withdrew on Tuesday from a bid battle for wealth manager AXA Asia Pacific after Australia's competition regulator twice rejected its $12 billion takeover proposal.

    "Considering all the options, continuing with this agreement is not in the best interests of shareholders," NAB Chief Executive Cameron Clyne said in a statement, referring to the agreed takeover deal with AXA (CS.PA)Asia Pacific.

    NAB's withdrawal, which had been expected, now shifts the spotlight to rival bidder AMP , another Australian wealth manager. AXA Asia Pacific is controlled by French parent AXA SA

    (Reporting by Mark Bendeich; Editing by Ed Davies)