The Australian Competition and Consumer Commission has not been approached about any proposal by National Australia Bank to take over AMP, ACCC Chairman, Mr Graeme Samuel, said today.
"Contrary to media reports this morning, the ACCC has not had recent contact with NAB in relation to this matter.
"Should an acquisition proposal be brought forward it would be dealt with in the normal manner, i.e. considered under Section 50 of the Trade Practices Act 1974.
"Section 50 prohibits mergers or acquisitions which would have the effect or be likely to have the effect of substantially lessening competition in a substantial market for goods or services".
