The ACCC has recently agreed to commence market soundings on the enforceable undertakings Aviva Insurance has proposed to gain approval for the acquisition of the Australian and New Zealand businesses of AXA Asia Pacific.
Owned by National Australia Bank (NAB), Aviva’s proposal for AXA APH is still subject to ACCC and other regulatory approvals which will be determined once the market soundings are complete.
The proposed change involves the divestment by AXA APH of its North investment platform business to IOOF. So if approval does go ahead, Aviva would still retain ownership of the existing North products.
If the ACCC accepts Aviva’s undertakings, the final step will be to secure approval from the Treasurer.