A joint statement released on Friday by the National Australia Bank Ltd (NAB) and AXA Asia Pacific Holdings (AXA-APH) revealed that the two companies are currently in talks to negotiate the terms of extending the period for NAB to satisfy competition concerns on its $13.3 billion takeover proposal for AXA.

Both parties hinted that the ongoing negotiations are in the advanced stage now and AXA said that it is also consulting with its French parent company, AXA-SA, to stretch the period as it stressed that the agreements between the two companies would remain in place while the talks are being held.

The exclusivity agreement between the three parties has already expired overnight though NAB has secured an earlier extension on the original agreement on July 1, which afforded the bank some leeway and time to convince the Australian Competition and Consumer Commission (ACCC) to approve its buyout bid for AXA.

NAB's proposal has been thwarted by ACCC on April 19 citing competition grounds, as the agency concluded that a NAB-AXA deal would considerably weaken the competition for retail investment platforms, which are being offered to investors with complex investment needs.

Also, it is still unclear if another suitor, the Sydney-based AMP, would make a move and push for a new and higher proposal to AXA's board as its original bid of $12.85 billion has already expired.