National Australia Bank Ltd and Paris-based insurance company AXA SA have approved on the pricing components with the AXA Asia Pacific Holdings Ltd. for its buyout proposal of AXA Asia Pacific Holding's undertakings in New Zealand and Australian for $4.6 billion.

In a statement released today, the bank stated that the buyout will be based on a consideration of $6.43 per share. The AXA SA is set to pay $9.4 billion for AXA APH's businesses in Asia.

The bank further stated that National Australian Bank will purchase the Australasian businesses exclusive of the liability amounting to $700 million, which is to be paid to AXA SA by AXA APH. It was revealed that the debt is going to be included in the sum that AXA SA will be paying for the acquisition of the Asia assets.

The proposal, that NAB will obtain 100% of AXA APH prior to trade the Asia businesses to AXA SA, was confirmed by AXA APH.

Rick Allert, Chairman of AXA APH, stated that the proposal was unanimously and continuously recommended by his panel.