Perpetual to Pursue Wealth Management Sale, Rejects KKR Deal
- Discussions have now ended between KKR and Perpetual
- KKR offered to buy wealth management and corporate trust units
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Perpetual Ltd. said it will pursue the sale of its wealth management business after rejecting the latest offer from KKR & Co., as the Australian financial services firm attempts to lure new offers.
The company has ended talks with KKR, according to a Perpetual statement Monday. This is the right course of action to deliver long-term value to shareholders, Chief Executive Officer Bernard Reilly said in the statement. The stock opened about 1.7% lower in Sydney.