AMP seeks to block NAB

AMP will seek to persuade the Treasurer, whoever that proves to be, to block National Australia Bank's takeover bid for Axa Asia Pacific on national interest grounds, the Financial Review reported in its Chanticleer column.

The newspaper does not further elaborate on the grounds but refers to AMP's latest submission to the Australian Competition and Consumer Commission in relation to NAB and Axa.

This submission questions the capacity of IOOF (which will buy the North platform from Axa as part of the deal) to manage a reduction of seven platforms to three and also asks where IOOF will find a new capital guarantee to back some investment choices presently marketed on the platform.