Perpetual/Trust merger referred to ACCC
The Australian Competition and Consumer Commission (ACCC) is conducting a public review into the proposed merger between Perpetual and The Trust Company, with the regulator to announce its decision on 11 July.
Perpetual’s spokesperson said the company made a voluntary submission to the ACCC given the similar nature of the two businesses, adding this was part of standard procedure.
The ACCC had commenced its public review of the proposed merger on 16 May, calling all interested parties to comment on the matter.
Earlier this month, Perpetual announced its intention to buy Trust after Equity Trustees' offer for the firm fell through.
Perpetual offered 0.1495 of its shares per every Trust share, equivalent to $6.17 per share, as well as a special dividend of $0.22 per Trust share, expected to be fully franked.
Submissions close on 7 June.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.