A US Supreme Court ruling on Thursday night jeopardises a hedge fund lawsuit against Porsche claiming more than $2bn in damages following the VW saga, analysts warn.Dismissing an unrelated lawsuit against National Australia Bank, the Supreme Court ruled that investors buying shares of foreign companies in jurisdictions outside the US could not use the American legal system to claim damages for al
National Australia Bank has underlined its determination to buy Axa Asia Pacific for A$13.3bn (US$11.3bn) by revealing talks are under way to sell part of the business it plans to acquire in order to win clearance from competition regulators.NAB is working with France’s Axa, which owns 54 per cent of Axa Asia Pacific, for a break-up bid that would hand the Australian bank the mature Antipodean op
SYDNEY, April 19 – Australia’s competition watchdog on Monday blocked National Australia Bank’s A$14bn ($12.95bn) bid for Axa Asia Pacific Holdings on competition grounds, allowing rival bidder AMP to make a comeback.The Australian Competition and Consumer Commission cleared AMP’s A$13.1bn bid and cited concerns in the retail wealth-management market as the reason for its ruling.
Blackstone, the US private equity firm, has teamed up with Wellcome Trust, Britain’s biggest charity, to compete for the 320 branches being sold by Royal Bank of Scotland, as the two groups attempt to become a new force in the UK banking industry.It emerged on Friday that Blackstone and Wellcome submitted a bid for the RBS assets this week.Theirs is the only one of five bids not to come from a ri
Royal Bank of Scotland has received five offers for the Williams & Glyn’s branch network that it was ordered to sell in a European Commission state aid ruling last year, valuing the business at as much as £2bn.By Tuesday night’s deadline, Santander, Virgin Money, National Australia Bank, BBVA and JC Flowers had submitted indicative bids, according to people close to the process.
National Australia Bank on Tuesday sealed the deal with France’s AXA to buy the French insurer’s Asian arm for A$14bn ($12.9bn), carve out the antipodean businesses and sell the fast-growing Asian assets back to the French parent.Under the agreement, National Australia Bank will pay A$4.6bn for AXA Asia Pacific’s Australian and New Zealand businesses while the Paris-based majority shareholder wil
National Australia Bank is close to signing a A$13.3bn ($12.2bn) takeover of Axa Asia Pacific in a deal that will see the bank sell the company’s non-Australian businesses back to Axa, the French insurance group and current majority owner.Details of the deal, which will end months of uncertainty over the future of Australia’s largest wealth manager, were still being finalised on Monday night, acc