Australia Blocks a Deal for Unit of AXA.

National Australia Bank's ambitions to substantially increase its position in Australia's wealth management and life insurance market were dealt a major setback on Monday, when the country's competition authority blocked its $12.2 billion bid for the Asia Pacific operations of the French insurance giant AXA. The decision opens the way for a new offer by the Australian asset management company AMP. The firm had bid for AXA Asia Pacific in November but its offer was trumped by the National Australia Bank a month later. [ABSTRACT FROM PUBLISHER]