AXA Comments on ACCC Decision

Published on Thursday, 09 September 2010 03:16 Written by TradersHuddle Staff

PARIS, Sept. 9 /PRNewswire-FirstCall/ -- AXA notes the Australian Competition and Consumer Commission's (ACCC) decision to oppose National Australia Bank Limited's (NAB) proposed acquisition of AXA Asia Pacific Holdings (AXA APH) and subsequent divestment of AXA APH's Asian businesses to AXA.

AXA will review the ACCC's reasons for its decision to reject the enforceable undertakings offered by NAB and AXA APH. AXA's decision to enter into this transaction reflected AXA's desire to increase its presence and allocate additional capital to the fast growing Asian region.

AXA remains fully committed to support the Australia and New Zealand businesses and will continue to review its options in the context of its growth strategy in Asia.

About AXA

AXA Group is a worldwide leader in insurance and asset management, with 216.000 employees serving 96 million clients in 57 counties. For 1H10, IFRS revenues amounted to Euro 49.9 billion and IFRS underlying earnings to Euro 2.1 billion.

AXA had Euro 1,089 billion in assets under management as of June 30, 2010.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA's American Depository Shares are also quoted on the OTC QX platform under the ticker symbol AXAHY.

The Group is included in the main international SRI indexes, Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

This press release is available on the AXA Group website: www.axa.com

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statement because, by their nature, they are subject to known and unknown risks and uncertainties. Please refer to the section "Cautionary statements" in page 2 of AXA's Document de Reference for the year ended December 31, 2009, for a description of certain important factors, risk and uncertainties that may affect AXA's business. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.

SOURCE AXA