Commission needs more time for AMP ruling

The Commerce Commission will take two weeks longer to decide whether AMP's proposed acquisition of AXA Asia Pacific Holding's New Zealand assets passes its hurdles.

A decision by the commission has been postponed for two weeks until June 25, according to the regulator's website.

AMP's proposal is part of a wider A$12.85 billion ($15.9 billion) bid for AXA APH that was later trumped by National Australia Bank's A$13.29 billion offer.

The Sydney-based wealth manager and insurer has yet to decide whether to submit a higher offer.

AMP's clearance application, submitted in early May, argued the acquisition would not substantially lessen competition due to a large number of independent competitors remaining in the market and a continued competitive threat from their expansion ambitions.

Vertical integration was also unlikely to be a hurdle because the New Zealand funds management businesses of both AMP and AXA APH were already vertically integrated in that they provide both wholesale and retail funds, AMP said.

A large number of other retail and wholesale fund managers exist as well as two other significant retail wrap platform providers, AMP added.

A wrap platform is an administrative structure for investments which provides a hub for a range of services such as product menus, client details and reporting.

NAB's attempts to win approval for its bid from Australia's competition regulator continue with talks surrounding NAB and AXA APH's wrap platforms, distribution businesses and adviser networks.

- AAP