ANZ and AMP may be negotiating an alliance or merger of some sort. The Sydney Morning Herald reported that AMP was "considering a $4 billion deal that would deliver ANZ a controlling stake, in return for the bank's ING wealth management business."The SMH reported that under the proposal ANZ would emerge with roughly 30 per cent of AMP.ANZ would sell the ING Australia business to AMP. ANZ took full control of INGA from ING late last year and may be able to sell the business to AMP at a profit.AMP has a current offer to take over Axa Asia Pacific, though the board of Axa AP prefers a later bid from National Australia Bank. However, based on a recent issues paper published by the Australian Competition and Consumer Commission, the NAB bid for Axa may struggle to secure approval from the ACCC.