Australia's Perpetual ends talks with KKR on $1.4 billion sale of wealth, trust units
SYDNEY (Reuters) -Australia's Perpetual Ltd has terminated talks with KKR for the A$2.2 billion ($1.4 billion) sale of its wealth management and corporate trust units and said it would pursue a sale of its wealth management business separately. Shares of Perpetual fell nearly 4% on Monday, underperforming the broader S&P/ASX200 index, which was flat. The deal with private equity group KKR, which was announced last May, was deemed by an independent expert's report to be not in the best interests of shareholders, Perpetual said on Monday, in line with initial expert advice it had flagged in December after a negative tax ruling.