2313 GMT - Perpetual is likely to hold onto both corporate trust and wealth management after an Australian tax ruling that hit KKR's chances of acquiring the units, Bell Potter analyst Marcus Barnard says. He tells clients in a note that a higher-than-expected tax liability on demerging the assets has hit shareholder returns from the deal so heavily that it is unlikely to be voted through. Barnard thinks that KKR is unlikely to lift its offer by the A$300 million that he reckons would lift the deal valuation to expected levels, while a move for the whole of Perpetual looks costly. Bell Potter keeps a buy rating and A$24.76 target price on the stock, which is at A$20.07 ahead of the open. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 10, 2024 18:13 ET (23:13 GMT)
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