This morning, the Commerce Commission has cleared all the decks for AMP to buy its arch rival, AXA Asia Pacific Holdings of Australian and New Zealand.

The Australian competition regulator, the ACCC has already given green signal to the Sydney-based AMP.

The New Zealand Commerce Commission had almost taken seven weeks to clear all hurdles.

Superannuation, investment, life insurance and financial planning products and services are being provided by both AXA and AMP in New Zealand.

AMP is already registered with stock exchanges of both countries, the Australian and New Zealand.

AMP had a bid of A$12.85 billion for buying the AXA Asia Pacific Holdings but was outflanked by the offer of $13.29 billion from the National Australia Bank.

The decision pointed out that AMP has to revise its offer, as A$13.29 billion offer has been given by National Australia Bank Ltd.

AMP, in a statement stated, "A merger between AMP and AXA Asia Pacific's Australian and New Zealand businesses would create a fifth pillar in the critically important financial services sector, creating a stronger wealth manager to better serve the Australian and New Zealand communities".

According to NAB's proposal, AXA Asia Pacific's minority shareholders will have option between A$6.43 or 0.1745 NAB share and A$1.59 for each share of the target.