National Australia Bank (NAB) has gazumped AMP and Axa SA with a $4.61 billion bid for the Axa Asia Pacific Holdings (Axa APH) Australian and New Zealand businesses. The bid has already been accepted by Axa APH’s independent directors.

Under the proposal – which is subject to an agreement with French-based Axa SA, which owns 53% of Axa APH – NAB would buy 100% of Axa APH for $13.3 billion, merge the Australasian businesses with its own operations and then on-sell the Asian businesses to Axa SA.

The $12.85 billion AMP and Axa SA final offer earlier this week valued the Australasian businesses at $4.41 billion.

NAB describes its offer as “sensibly priced” and says it represents a significant synergy opportunity by combining the Axa APH businesses with MLC and the recently acquired Aviva and JB Were businesses into a market leader.

“The merger of our wealth businesses and Axa in Australia and NZ combines two successful and highly complementary businesses and will achieve attractive scale benefits in the Australian superannuation, retirement income and insurance markets,” NAB CEO Cameron Clyne told a briefing this morning.

NAB revealed the surprise offer ahead of its AGM in Brisbane this morning.

Axa APH Chairman Rick Allert says the NAB proposal recognises the strength of the Australasian franchise and its growth prospects.