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
(Reporting by Mark Bendeich; Editing by Ed Davies)
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