Perpetual gets nod from Treasurer for Trust deal

Perpetual has received approval from the Federal Treasurer Joe Hockey to acquire The Trust Company under the Scheme Implementation Agreement between the two companies.

The approval follows last week's announcement from the Australian Competition and Consumer Commission that it would not oppose the acquisition, and that The Monetary Authority of Singapore has no objections to the change of holding structure of The Trust Company (Asia) which would occur as part of the acquisition.

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Perpetual stated that it is still waiting on approval from the New Zealand Overseas Investments Office and expects this by the end of this month. A meeting of Trust shareholders has been slated for late November, with completion of the acquisition by mid-December.

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