The ACCC says it won't oppose Perpetual’s Limited (ASX:PPT) takeover bid for financial services group Trust Company Limited (ASX:TRU).

 

The competition regulator says it’s accepted a court enforceable undertaking from Perpetual to divest Trust Co's existing ownership of a 13.4 per cent shareholding in competitor Equity Trustees Limited (ASX:EQT).

 

The proposed merger would create the largest provider of trust services in Australia.

 

The decision marks the latest update in the long-running battle for Trust Co, with Equity Trustees and IOOF Holdings Limited (ASX:IFL) also putting forward rival offers for the financial services company.

 

Trust Co says its shareholders will be able to vote on Perpetual's proposal at a scheme meeting to be scheduled in November.

 

Perpetual delivered a net profit of $60.4 million in fiscal 2013.