Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NAB trumps AMP offer to scoop AXA AP’s Australasia

NAB trumps AMP offer to scoop AXA AP’s Australasian business

Dec. 17 (BusinessWire) – National Bank of Australia, the parent of Bank of New Zealand, has trumped AMP’s offer to buy AXA Asia Pacific Holdings in a similar arrangement to pick up the Australasian businesses as the pension plan provider.
NAB will offer investors either A$6.43 a share in cash, or a combination of cash and stock worth A$6.50 a share, a premium of 3.7% or 4.5% over the AMP offer worth $6.22 respectively.

The cash and stock option is made up of A$1.59 in cash and 0.1745 shares in NAB for every AXA AP share. The deal values the Australian and New Zealand businesses at A$4.6 billion, and the merger would see NAB hold more than A$144.3 billion in funds under management through its AXA and MLC units.

NAB would divest the company’s Asian operations to AXA SA in much the same way as the AMP deal.

“The proposed merger of our wealth business and AXA Australia and New Zealand would combine two successful and highly complementary businesses, and will achieve attractive scale benefits in the Australian superannuation, retirement income and insurance markets,” said NAB chief executive Cameron Clyne in a statement.

“The proposal is consistent with NAB’s strategy of growing its wealth management franchise, most recently demonstrated through the acquisitions of Aviva Australia and a strategic alliance with JBWere.”

Last month, the insurance company turned down an offer from AMP which valued the company at A$11 billion.

AXA AP chairman Rick Allert said the board recommend the offer to shareholders, saying it’s in the “best interests of minority shareholders” and superior to the AMP/AXA SA offer.

“We believe the NAB proposal recognises the strength of this franchise and its growth prospects,” Allert said in a statement.

AXA AP shareholders will also receive a 9.25 Australian cents dividend in relation to the company’s second-half results.

The deal is subject to due diligence, regulatory approvals and formal documentation to divest the Asian businesses to AXA SA.

(BusinessWire) 15:22:01

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

RNZ: Housing Boom Could Get Worse, Economist Warns

Economists are calling on the Reserve Bank to reinstate lending restrictions, warning the housing market is spiralling out of control. More>>

ALSO:

Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>

ALSO:

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Economy: NZ Small Business Recovery Continues In September

Xero, the global small business platform, today released its Small Business Insights (XSBI) for September revealing an uptick in small business jobs and year-on-year revenue growth in New Zealand. Nationwide, the average number of jobs in the small ... More>>

ALSO:


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO: