The suitor National Australia Bank Ltd was given a six weeks extension by AXA Asia Pacific Holdings Ltd. and French parent AXA SA on Tuesday, in order to win authoritarian approval for its A$13.29 billion takeover bid for the Australian wealth management and life insurance company.

The three parties have extended an exceptionality agreement until July 15, that stops AXA Asia Pacific from seeking rival bids as NAB carry on to talk with the Australian Competition as well as Consumer Commission.

Australia's fourth largest bank is taking into account possible asset sales as a technique of winning over the ACCC. Though, the regulator shared that it would oppose the bid because of concerns about rivalry in the provision of retail investment platforms.

The bank stated that NAB continues to follow its options in relation to the ACCC objections to the proposal.

A spokesman for Tower Australia Group Ltd. shared that the life insurer isn't fascinated towards buying the North platform.

The spokesman said, "We aren't in negotiations and we aren't interested". He added that Tower wants to continue its focus on life insurance instead of expanding its investments arm.

Daiwa Analyst, Johan Vanderlugt shred that the extension means "a prolonged period of uncertainty for NAB's shareholders".