Australia's Perpetual at 5-month low on sale of corporate, wealth businesses

Perpetual

08/05/2024 02:38

** Shares of Australia's Perpetual  PPT.AX  down 6.4% to
A$22.47, lowest level since Dec 5
    ** Fund manager to sell its corporate trust and wealth
businesses to KKR  KKR.N  for A$2.18 bln ($1.43 bln)
    ** Says board recommends shareholders to back deal in the
absence of any superior proposal
    ** Says on deal completion, shareholders to still own shares
of leaner, debt-free, multi-boutique asset management firm PPT
    ** Stock last down 5.6%, doubling YTD losses to ~11% YTD
 
 ($1 = 1.5207 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))