Perpetual to Pursue Wealth Management Sale, Rejects KKR Deal (1)

Perpetual Ltd. said it will pursue the sale of its wealth management business after rejecting the latest offer from KKR & Co., as the Australian financial services firm attempts to lure new offers.

The company has ended talks with KKR, according to a Perpetual statement Monday. This is the right course of action to deliver long-term value to shareholders, Chief Executive Officer Bernard Reilly said in the statement. The stock opened about 1.7% lower in Sydney.

Perpetual had been considering another offer from KKR to buy its wealth management and corporate trust businesses after a deal last year was ...