Perpetual makes a $220m move on Trust Co PERPETUAL has launched an agreed $220 million takeover for The Trust Company, but rival bidder Equity Trustees said yesterday that the battle was "certainly not over." Equity Trustees chief executive Robin Burns said Trust Co shareholders would get 59 per cent of the combined group's $8m in estimated cost synergies under his February proposal, while their stake in a Perpetual-Trust Co combination would be much smaller.