As the market waits impatiently for the Takeovers Panel to rule on whether APA Group can join Brookfield in getting access to AusNet’s books, attention is turning to where the $17 billion bidding battle heads next.

The panel’s decision is the next big moment in this fight, but it’s debatable how much it matters – it may be the difference between APA starting due diligence immediately or in a few weeks. As such, the regulatory hoops the two parties will need to pass through are arguably the next thing to consider.