AMP Ltd. (AMP.AU) will likely exit the battle to take over AXA Asia Pacific Holdings Ltd. (AXA.AU) if National Australia Bank Ltd's (NAB) A$13.29 billion rival bid is cleared by Australia's competition regulator, a person familiar with the situation said Tuesday.

AMP, a wealth manager and life insurer competing with AXA APH, is reluctant to enter a bidding war with NAB, whose proposal has the backing of the target's independent directors and majority owner France's AXA SA (AXA).

"It is likely that AMP would withdraw from the race," the person said.

After AMP's cash and shares offer was rejected by the target's board in December in favor of the NAB offer, AMP has said it is considering its position and awaiting a determination from the Australian Competition and Consumer Commission in relation to both its bid and that of NAB.

The ACCC's ruling on both bids, due by April 22, has the potential to put the ball back in AMP's court if the regulator blocks the NAB proposal or imposes onerous conditions on the deal that cause NAB to walk away.

-By Rebecca Thurlow, Dow Jones Newswires; 61-2-8272-4679; rebecca.thurlow@dowjones.com
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