0139 GMT - Perpetual's deal to sell its corporate trust and wealth management businesses to KKR is probably dead, Citi analyst Nigel Pittaway says. He reckons that Australian government officials' signal that taxes associated with the deal would be higher than Perpetual envisaged it unlikely that either an independent expert or shareholders would approve it. He tells clients in a note that Perpetual could appeal against the ruling but that this is probably too difficult. Pittaway adds that Perpetual probably racked up significant costs exploring the transaction. Citi has a buy rating and A$22.50 target price on the stock, which is down 5.8% at A$20.63. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 09, 2024 20:39 ET (01:39 GMT)
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