Perpetual gets final approval for Trust deal

trust-company/IOOF/mergers-and-acquisitions/ACCC/ASIC/australian-securities-and-investments-commission/equity-trustees/investments-commission/chief-executive/

27 September 2013
| By Staff |
image
image image
expand image

Perpetual has received the final regulatory approval required to proceed with its acquisition of The Trust Company, with the New Zealand Overseas Investment Office granting its consent for the deal to take place.

This follows approval from Federal Treasurer Joe Hockey, the Australian Competition and Consumer Commission (ACCC) and The Monetary Authority of Singapore.

The deal has now received approval from all the relevant regulatory authorities that oversee Perpetual and The Trust Company in the various markets in which they operate.

Perpetual chief executive and managing director Geoff Lloyd said the approval coincided with the lodgement yesterday of a draft scheme booklet with the Australian Securities and Investments Commission ahead of a shareholder meeting in November.

Perpetual's take-over offer was subject to approval from the ACCC, which was granted on 19 September on the condition that Perpetual divest the 13 per stake in Equity Trustees held by The Trust Company. At that time IOOF indicated it would purchase the stake within the required divestment timeframe.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

4 days 5 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

4 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5