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Australian regulator scuttles NAB’s AXA bid

The Australian Competition and Consumer Commission (ACCC) has rejected National Australian Bank’s US$12.2bn bid for AXA Asia Pacific over concerns about competition in the industry, according to a statement from the commission. According to ACCC deputy chairman Peter Kell, “The proposed undertakings offered by the parties do not provide sufficient certainty that ACCC’s competition concerns will be addressed.” AXA Asia…

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