Document storage giant Iron Mountain has proposed selling off the bulk of its Australian business to get its takeover of ASX-listed rival Recall past the competition watchdog.  
The New York-listed company saw its $2.7 billion offer for Recall knocked back by the Australian Competition and Consumer Commission in   November last year. 
But Iron Mountain said on Thursday that the ACCC has agreed to examine a prosposal that would see Iron Mountain divest its Australian business. with the exception of its Northern Territory data management business. 
"Iron Mountain continues to work closely with regulatory authorities in other jurisdictions, and both Iron Mountain and Recall continue to expect the transaction to close on or about   May 2, 2016, the company siad in a statement. .
The ACCC says it expects to make a decision on the proposal by   March 31, after taking submissions from "interested parties".