WHSP raises stake in Australian fund manager Perpetual (updated)

Washington H. Soul Pattinson and

12/12/2023 08:19

(Adds details in paragraphs 2-4)
       Dec 12 (Reuters) - Perpetual Ltd's  PPT.AX  top
investor, Australian diversified investment firm Washington H.
Soul Pattinson and Company (WHSP)  SOL.AX , has increased its
stake in the company to 11.66%, according to an exchange filing
made on Tuesday.
    This comes after the fund manager rejected WHSP's A$3.1
billion ($2.04 billion) takeover offer last week, saying the
proposal undervalued its business.
        WHSP previously held a nearly 10% stake in Perpetual as
of Dec. 6, the day the takeover offer was made. 
        The proposal came at a time of consolidation in the
Australian wealth management market. Perpetual bought rival
Pendal for A$2.5 billion earlier this year and Regal Investment
Fund  RF1.AX  picked up PM Capital last month. 
  
              

($1 = 1.5165 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru; Editing by Rashmi
Aich and Janane Venkatraman)
 ((Nausheen.Thusoo@thomsonreuters.com;))