Australia blocked its $12.2 billion bid for the Asia Pacific operations of the French insurance AXA. Since the National Australia Bank declined the offer, the Australian asset management company AMP may step in. The fight over the AXA Asian Pacific is seen as a "promising growth market for wealth and savings management and insurance services." Overall Australia has shown to have a strong financial sector that has clearly persevered through the financial crisis that many countries have been struggling through.
As far as a merge between N.A.B. AND AXA goes, the Australian Competition and Consumer Commission finds it to be a poor decision. The combining of the two would hurt competition.
2 comments:
Good example of government regulations on monopolies.
This article does a good job of pointing out how Australia's financial sector has survived the past two year's financial crisis without bailouts. With Australia's healthy international relations and soaring dollar, it is easy to see why this deal was able to be rejected.
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