National Australia Bank Ltd. has reached an agreement with AXA Asia Pacific Holdings Ltd., AXA SA to extend the period for NAB to satisfy the concerns raised by the Australian Competition and Consumer Commission until Aug. 31.

Reported by Bloomberg TV early today, the NAB is all set to put forward a revised offer for its takeover worth $13.3 billion of assets manager AXA Asia Pacific, according to a Reuters report, citing three sources who are privy to the deal.

NAB has been attempting to buy out the Australian shares of AXA since the last quarter of the previous year to solidify its position in the fast developing assets management market worth $1.2 trillion, fourth largest in the world.

NAB, which is hoping to strike a deal after a previous rejection by the competition regulator, would also ask France's AXA for an extension of its exclusivity arrangement to finalise the deal, according to the sources.

The present agreement is expiring next week on July 15, and the sources add that AXA is expected to consent to extend the time if the competition regulator allows NAB to test its proposal in the market.

Under the offer, AXA SA will make a takeover of AXA Asia Pacific's assets in eight countries in Asia, as the company gears up its focus on developing countries.

NAB, which has been striving to answer the ACCC's (Australia Competition and Consumer Commission) concerns about the deal, was expected to put forward draft documents providing an undertaking to put the North investment policy of AXA on sale with a clause stating all funds controlled by North will be managed by the buyer as well.

Officials from both NAB and AXA Asia Pacific refused to give a comment.

Cameron Clyne, chief executive of NAB, in a shareholder meeting today said, "NAB continues to consider options to obtain ACCC approval for its proposal to acquire the Australian and New Zealand businesses of AXA Asia Pacific."