The Australian Competition and Consumer Commission says it won't oppose Perpetual's (PPT) takeover bid for financial services group The Trust Company (TRU).
In a statement, the competition regulator said it had accepted a court enforceable undertaking from Perpetual to divest Trust Co's existing ownership of a 13.4% shareholding in competitor Equity Trustees (EQT).
“After a thorough investigation, and subject to the undertaking to divest the shareholding in Equity Trustees, the ACCC’s view is that this acquisition is unlikely to lead to a substantial lessening of competition in any relevant market,” ACCC chairman Rod Sims said.
The proposed merger would create the largest provider of trust services in Australia.
The decision marks the latest twist in the long-running battle for Trust Co, with Equity Trustees and IOOF Holdings (IFL) also putting forward rival offers for the financial services company.
Perpetual sweetened its bid earlier in the month after IOOF put forward its own proposal, prompting Equity Trustees to extend its original offer for the takeover target this wee