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ACCC To Not Oppose Perpetual Ltd's Proposed Acquisition Of Trust Company Ltd Subject To Divestiture Remedy

Wednesday, 18 Sep 2013 07:37pm EDT 

The Australian Competition and Consumer Commission (ACCC) announced that it will not oppose the proposed acquisition of The Trust Company Limited (The Trust Company) by Perpetual Ltd (Perpetual). In reaching this position, the ACCC has accepted a court enforceable undertaking from Perpetual to divest The Trust Company’s existing ownership of a 13.4% shareholding in competitor Equity Trustees Limited. Perpetual and The Trust Company are both financial services companies that provide trustee and related services, as well as investment and wealth management advice to corporate and private clients. The ACCC has accepted a court enforceable undertaking, which will require Perpetual to divest Trust Company’s entire shareholding in Equity Trustees within a confidential specified time period. 

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-2.79 -6.47%
1 Sep 2015