"The real pressure is actually on Telstra because it doesn't have forever to sort out the SSU," Kennedy said.

After December 31, Communications Minister, Senator Stephen Conroy, would be free to come in and impose a functional separation on Telstra at the advice of the ACCC.

"That's why I don't think Telstra is in a very strong bargaining position," Kennedy said. "Whether the telco likes it or not, it is going to have to provide the ACCC with an undertaking the watchdog finds acceptable."

Even if Telstra does make changes to the SSU, the $11 billion deal wouldn't be held up by another shareholder vote, according to the Ovum analyst.

"The condition on the deal is that Telstra agrees on an SSU," he said. "I don't think there are any specific requirements for it to achieve any particular undertaking.