Perpetual flags Xmas Trust deal

Suitor focussed on maintaining fiduciary standards, lifting value in takeover.

Perpetual (PPT) hopes to complete its acquisition of The Trust Company Ltd before Christmas and expects the deal will increase shareholder value over the medium and longer term.

Perpetual chairman Peter Scott told the group's annual general meeting that the proposal was a compelling opportunity that Perpetual was able to pursue due to its transformation program.

"We are very focussed on maintaining the highest fiduciary standards as we combine these two businesses," Mr Scott said.

"We are pleased that our revised proposal has received the full support of The Trust Company board."