| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 28 May 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the ordinary shares of AXA Asia Pacific Holdings Limited, the value of the assets of AXA Asia Pacific Holdings Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | $412,512,750 |
| Applicant | National Australia Bank Limited Australia (100%) |
| Vendor | AXA SA French Public (53.93%) Australian Public (46.07%) |
| Background | AXA Asia Pacific Holdings Limited (AXA APH) directly or indirectly owns a number of subsidiaries which carry on businesses in Australia, New Zealand and parts of Asia. The proposed acquisition will involve the Applicant purchasing all of the shares in AXA APH held by AXA SA (AXA APH's parent company based in France and majority shareholder) and, through a scheme of arrangement, acquiring the remaining shares from AXA APH's minority shareholders. Upon completing the proposed acquisition, it is proposed that AXA SA will buy back the Asian businesses of AXA APH from the Applicant. The Applicant considers that the acquisition of AXA APH will help grow the Applicant's business in wealth management and financial protection so as to deliver the best possible products to clients and advisers within both Australia and New Zealand. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Pip Greenwood Russell McVeagh (Auckland) PO Box 8 AUCKLAND |