AMP applies for clearance to acquire AXA Asia Pacific
3 May 2010
The Commerce Commission has received an application from AMP Limited seeking clearance to acquire the Australian and New Zealand assets and business of AXA Asia Pacific Holdings Limited.
AMP Limited is a wealth protection and wealth management company which is listed on both the Australian and New Zealand stock exchanges. AXA Asia Pacific Holdings Limited is also a wealth protection wealth management company with operations throughout the Asia Pacific region including New Zealand and Australia. It is listed on the Australian Stock Exchange. The international holding company AXA S.A. owns 54 per cent of AXA Asia Pacific with the balance of shares held by public shareholders.
In New Zealand, both companies provide superannuation, investment, life insurance and financial planning products and services.
In considering the application, the Commission's role is to determine whether the acquisition has the effect of substantially lessening competition in a market.
A public version of the application is available on the Commission's website at www.comcom.govt.nz/clearances-register/