The wait to see who will eventually buy Axa Asia Pacific Holdings (Axa APH) has been lengthened by the Australian Competition and Consumer Commission (ACCC).

This Wednesday, March 17, was originally set by the competition regulator as the date it would rule on both the AMP and National Australia Bank (NAB) bids for Axa APH.

But this has now been extended to April 1 for AMP and April 22 for NAB.

Both suitors want Axa APH’s Australian and NZ operations, with French parent Axa SA expected to then buy the company’s lucrative Asian businesses. Under an arrangement with the Australian Government, Axa SA is not able to bid for Axa APH.

Morningstar analyst David Walker says the ACCC deferral plays into AMP’s hands to some extent, although NAB retains the upper hand.

“What AMP wants most at the moment is for more time to pass,” he told insuranceNEWS.com.au. “The more time that passes and the more circumstances that change, the more acceptable it will be for them to come back with a revised offer that is higher than their ‘best and final’ offer of December.”

He says a bidding war with NAB could prove too expensive for AMP, which would have to raise more capital. But failure to win Axa APH would result in AMP being taken over itself within 10 years.

“My feeling is [the ACCC] won’t knock back NAB’s offer for Axa, but they might impose some conditions; NAB is probably expecting that,” Mr Walker said.