THE competition regulator today delayed its decision on separate, multi-billion dollar bids for AXA Asia Pacific Holdings, extending the uncertainty on the eventual outcome of the two deals and the outlook for the country’s wealth management industry.

The Australian Competition and Consumer Commission was due to rule on March 17 on the two competing bids from National Australia Bank and AMP, but now said it would issue its findings on AMP’s bid on April 1 and NAB’s bid on April 22.

Both AMP and NAB want to buy AXA APH, keep the firm’s Australian and New Zealand operations and sell the Asian component of the business to French parent AXA SA.

So far, AXA APH’s independent directors have endorsed NAB’s $13.2 billion offer, which trumped an earlier cash and share bid from AMP.

But AXA SA is yet to say whether it will team up with NAB, while AMP, which originally framed a deal with the French life insurance giant to carve up its local subsidiary, remains keen on the assets.

The ACCC’s findings now won’t be available by March 20, when AXA APH’s board had said it wanted to finalise a deal with NAB.

Still, both AMP and NAB appeared to come to an understanding of the ACCC’s delay.

“It’s an important issue that will have a significant impact on the financial services landscape,” a spokeswoman for AMP said. “And AMP understands the need for the ACCC to take a thorough and detailed approach to both proposals.”

The slippage in the regulator’s timetable was not unexpected – ACCC chairman Graeme Samuel had flagged the possibility in an interview with Dow Jones Newswires.

An analyst said he didn’t believe an earlier ruling for AMP would provide the firm with any more traction as it considered whether or not it would re-enter the fray.

“There’s only one proposal the (AXA APH) board has accepted, which is the NAB proposal, so they have to wait for the NAB ruling. I don’t think it gives AMP any leg-up,” said Siddharth Parameswaran, an analyst at JPMorgan in Sydney.

A spokesman for NAB said the bank continued “to work to ensure we progress all the requirements necessary to bring our proposal to acquire the Australian and NZ businesses of AXA APH to a successful conclusion”.

The ACCC’s February 10 statement of issues said the NAB proposal raised a “higher level of concern” over concentration of retail investment platforms and could make it more difficult for regional banks to compete.

Given the potential for the regulator to put the ball back in the court of rival bidder AMP, AXA SA – which owns 53 per cent of the target – appears reluctant to commit to a deal-partner before the ACCC shows its hand.

The ACCC has recently taken a firm stance on mergers and acquisitions, in December rejecting Caltex Australia’s proposed $300 million takeover of 301 Exxon Mobil petrol stations and GUD Holdings’ proposed $266.8m takeover of rival kitchen appliance supplier Breville Group.

(www.theaustralian.com.au)