Regulators Approve Perpetual's Huge Trust Company Buy-Out

Perpetual has convinced the Australian Government and regulators from Australia, Singapore and New Zealand to approve its $247 million buyout of ASX-listed wealth manager Trust Company.

The companies told shareholders today that the proposed acquisition, which was first announced in May, has now cleared all regulatory hurdles.

Perpetual shareholders will receive more details of the scheme next month and vote on the plan in late November.

Analysts say shareholders are likely to approve the deal, which is expected to produce $15 million of pre-tax synergies within two years and cost about $30 million to implement.

Perpetual has a market capitalisation of about $1.67 billion; Trust Co is valued at about $249 million on the ASX.

IOOF Holdings and Equity Trustees have also submitted rival buy-out offers for Trust.

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