Australia’s Perpetual Ltd said it is currently not looking to divest its corporate trust business, even after receiving two indicative offers for the unit.
The asset manager said it had received two offers for the arm, which were highly conditional and subject to due diligence, regulatory approvals and negotiation of transaction documentation.
The development comes after investment manager Pendal Group said earlier this month it was in talks with Perpetual regarding a potential transaction, months after rejecting the asset manager’s A$2.40 billion takeover offer.
Perpetual on Wednesday clarified that no private equity involvement, by means of a deal for it corporate trust business or otherwise, was proposed in the potential acquisition of Pendal Group Limited.
Source: Reuters.com