Daily Dispatches: AMP ups Axa APAC offer

AMP and French insurer AXA have raised their takeover offer for AXA Asia Pacific by 16 per cent to $12.9bn, giving the target a week to agree to the new bid. AXA Asia Pacific said it was considering the offer, which AMP and AXA declared was their "best and final" offer, setting a December 21 deadline for documents to be signed. (The Age)

Westpac Bank today launched a $1bn offer of residential mortgage backed securities, a significant move that could herald the reopening of Australia's once vibrant RMBS market. (The Australian)

Macquarie Bank has won regulatory approval to open a branch in South Korea. The Seoul branch will offer services including corporate lending and foreign-currency trading, the regulator said today in an e-mailed statement. (Bloomberg)

Wespac's botched attempt to recover its losses through the Hong Kong courts means that its runaway millionaires are a step closer to keeping the cash. Rotorua couple Leo Gao and Kara Hurring skipped the country for Hong Kong in May after Westpac mistakenly put $7.95m into Gao's account. Westpac had recovered most of the money with $3m still missing. (News.com.au)

Proposed legislation has been released on product rationalisation for managed funds and life insurance industries that will ensure investors are not disadvantaged as they are transferred to newer products. (Money Management)