ACCC has approved Perpetual's takeover of financial services group, The Trust Company - in a statement this morning, the ACCC says it has accepted the proposal subject to a court enforceable undertaking from Perpetual to divest TTC's existing 13.4% stake in Equity Trustees. IOOF Holdings has announced it will acquire the remaining Equity Trustees shares if the Perpetual-TTC merger goes ahead. ACCC chairman Rod Sims said that while the Perpetual's takeover would create the largest provider of trust services in Australia, it was unlikely to threaten competition. The decision marks the latest twist in the long-running battle for TTC, with Equity Trustees and IOOF also putting forward rival offers for the financial services company. TTC, which has recommended Perpetual's offer, has said in a statement to the ASX that shareholders will be able to vote on the proposal at a scheme meeting to be scheduled in November. (VIEW LINK)
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