13 Sep 2010

NAB weighs up worth of takeover bid

12:46 pm on 13 September 2010

The National Australia Bank (NAB) says it will decide within the next few days whether to pursue its takeover bid for investment house AXA Asia Pacific.

The Australian Competition and Consumer Commission last week rejected NAB's $13.3 billion bid, saying it would substantially lower competition in the retail investment market.

The bank can now either head to court to challenge the commission's decision, sell on more of AXA to satisfy competition objections, or move on.

The head of the bank's wealth business, Steve Tucker, says all options are being considered and it expects to make a decision in the next few days.