IAG expects to lodge a public benefits application with the Australian Competition and Consumer Commission in the next few days as it pursues approval for its RAC Insurance acquisition.

ACCC blocked the deal last month, but a process introduced this year allows companies to ask for an additional assessment taking the wider public interest into account.

Companies can have the decision reviewed by the Australian Competition Tribunal if the deal continues to be blocked.

IAG and RAC have already lodged applications with the tribunal to keep that option open, with the process to be suspended until after the ACCC makes its final decision.

The tribunal on Friday said the two companies estimate the ACCC, at the latest, will probably make a public benefit determination by the beginning of February, and based on that timing a review hearing cannot happen before the end of March.

Justice Michael O’Bryan directed that the proceeding be listed for 12 days including March 30 to April 2, April 5-8 and April 12-15.

The tribunal would include Justice Cameron Moore, Ms Diana Eilert and Professor Flavio Menezes.

The IAG and RAC applications would be heard together, with one fee payable.

“If the commission makes a public benefit determination … that the notified acquisition would be of public benefit, the applicants intend to discontinue this proceeding,” Justice O’Bryan said.

IAG announced the proposed $1.35 billion takeover of the RAC underwriting operations – along with a 20-year distribution agreement – in May last year.