AMP still in the hunt for AXA

AMP may have months to continue with its spurned offer for Axa Asia Pacific, the former's managing director, Craig Dunn, said in a speech to financial planners last week. The Financial Review reported on Dunn's speech today.

The board of Axa Asia Pacific last month endorsed an alternative, and all cash, bid from National Australia Bank. NAB said last week it completed due diligence on Axa.

Dunn, however, in his speech pointed out that NAB's bid was "subject to important conditions … many of which will take some months to work through" according to the AFR's account.

The AMP CEO said, "This gives us plenty of time to consider our options, knowing that none of the reasons that sparked our interest in Axa have gone away."

One condition in NAB's bid is that it needs to work out terms with Axa SA, in France, to buy the Asian businesses of Axa Asia Pacific from NAB on essentially the same terms as Axa SA has agreed to buy them from AMP were AMP successful. An exclusive dealing clause between AMP and Axa SA on that arrangement expires on February 6.