Perpetual gets final approval for Trust deal

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.

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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.

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