Perpetual chief executive Bernard Reilly says the board acted in the interests of shareholders by terminating a deal to sell its corporate trust and wealth units to private equity firm Kohlberg Kravis Roberts.
The 139-year-old financial services conglomerate confirmed on Monday that it would instead put the wealth unit up for sale, radically downsizing its break-up plan.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
