Australia's Perpetual Ltd has terminated talks with KKR for the A$2.2 billion ($1.4 billion) sale of its wealth management and corporate trust units and said it would pursue a sale of its wealth management business separately.

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 139-year-old conglomerate had proposed the sale to the private equity giant more than a year ago. It will try to sell wealth management separately.

Perpetual has walked away from its $2.2bn break-up deal with KKR after rejecting the private equity giant’s last-ditch offer to get the transaction over the line.

Perpetual now has quite the task ahead of itself. The post No Deal: Perpetual shares slide as KKR offer terminated appeared first on The Motley Fool Australia.