AMP's proposed A$14.6 billion ($14.8 billion) takeover of AXA Asia Pacific's Australian and New Zealand businesses is set to go ahead, after the deal won the approval of both the Australian government and AXA's minority shareholders.

In a statement, treasurer Wayne Swan said that the merged entity would serve as a strong contender to the so-called "Big Four" banks which are currently leading in both the Australian and New Zealand wealth management industries. Under the terms of the deal, AMP will integrate AXA's Australian and New Zealand operations with its own and then sell its Asian holdings to its French parent, AXA SA, for around A$10.4 billion.

To further seal the deal, AXA Asia Pacific's minority stakeholders, who account for 45 per cent of the firm's stock, gave a 99.2 per cent vote in favour of the merger. The second proposal to divest the Asian units to AXA SA also fared well with 98.9 per cent of votes. Both deals needed at least 75 per cent of votes to push through.

AMP had approached AXA Asia Pacific over a year ago with a bid, but was overshadowed by a rival offer from National Australia Bank. The NAB offer eventually fell apart due to competition concerns. For the AMP-AXA deal to be finalised, a court decision, through a hearing scheduled for 7 March, is required.