The Australian Competition and Consumer Commission has launched a market consultation on the proposed undertakings, to address concerns that it would significantly reduce competition.

This April the ACCC announced that it opposed the acquisition of AXA by NAB, because it would substantially lessen competition in the market for the supply of retail investment platforms.

The current consultation invites views from market participants on whether the divestiture of North alleviates the ACCC’s former concerns, and also on the suitability of IOOF Holdings as a buyer.

This latest news has raised hopes the deal will go ahead, as it has backing from both AXA APH’s independent directors and the shareholders of French parent group AXA, according to The Wall Street Journal.

Shares in both AXA APH and IOOF benefited from the news, while the market seemed to have considered NAB was overpaying or yielding too much with the proposal, the publication said.

“NAB has listened to the ACCC's concerns and taken them into account in developing the divestment proposal,” Steve Tucker, NAB's wealth management head, reportedly said.

“IOOF is a substantial and experienced platform operator and NAB believes that it will be a capable manager of the North investment platform business.”