The takeover bid by the National Australian Bank (NAB) for AXA Asia Pacific Holdings (AXA APH) has been rejected by the Australian Competition and Consumer Commission (ACCC) on the grounds of insufficient certainty that the proposed undertakings offered by the parties satisfy its competition concerns.

The takeover bid for AXA Asia Pacific Holdings Ltd. (AAP) by the National Australia Bank (NAB) and the French insurance company AXA SA (AXA) has been blocked by the competition watchdog of Australia, citing the lessening of competition effect it would have on the domestic retail investment arena.