Australia's ACCC To Decide On NAB Undertakings On AXA Asia Pacific Bid By Sept. 9

Australia's competition regulator said Monday it will take another month to consider if an undertaking by National Australia Bank Ltd. (NAB.AU) to sell AXA Asia Pacific Holdings Ltd.'s (AXA.AU) North retail investment platform alleviates the concerns that led to it rejecting NAB's A$13.3 billion bid for the wealth management firm.

"The undertakings provide for the divestiture of the North platform administration business carried out by AXA, using the Bluedoor software owned by DST Global Solutions, to IOOF Ltd.," the Australian Competition and Consumer Commission said in a statement.

The ACCC rejected NAB's original proposal on April 19 after ruling that it would result in a substantial lessening of competition in the market for supply of retail investment platforms.

The regulator said it has commenced market consultation on the undertakings by NAB and will take public submissions until Aug. 23 ahead of an expected decision on Sept. 9.

"Following market consultation, the ACCC will decide whether to accept or reject the proposed undertakings, including IOOF as a proposed purchaser of the divestiture business," the ACCC said.

-By Bill Lindsay, Dow Jones Newswires; 61-2-8272-4694; [e-mail]