Negotiations for a takeover bid continues between National Australia Bank and AXA Asia Pacific Holdings with the competition regulator over a possible divestment of AXA's north investment platform.

A spokesperson of NAB confirmed to media on Friday the discussions were preliminary and were participated by AXA APH, the Australian Competition and Consumer Commission, and other parties.

The bank stated, however, that there was no assurance if a divestment of AXA APH's North Wealth net investment platform will push through or if it would be categorized as a “competition concern”.

Speculations amounted that NAB was asking for assistance from IOOF Holdings, Tower Limited, and Tower Australia Group over the sale of the North platform to seek approval from ACCC on its $13 billion bid.

However, both Tower Limited and Tower Australia group denied these claims while IOOF did not comment.

NAB will continue to discuss other possibilities for a takeover after the ACCC ruled out its bid on April 19.

Seeking an ACCC approval was one of the conditions of the deal, where NAB will buy all assets of AXA APH, and divest the Asian businesses to Paris company AXA SA.

The bank now has five more weeks to convince the regulator after AXA APH and AXA SA agreed on Tuesday to increase their chances for an exclusive agreement to June 15.

NAB said it will continue to update the market on its response to the ACCC decision and information on the proposed acquisition of AXA APH.

(Advertorial) How to maximise CFD's trade: entry and exit with Bollinger Bands