Australia’s Perpetual ended talks with KKR about a potential asset sale to the U.S. buyout firm, and will instead look to hold onto its corporate trust unit.

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.

Australia-based Perpetual has terminated its “Scheme of Arrangement”” with KKR, following the Independent Expert's Report which concluded that the scheme is not in the best interests of shareholders.

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.

Australian fund manager Perpetual Ltd has officially ended discussions with private equity giant KKR regarding the sale of its wealth management and corporate trust units. The company cited shareholder interests as