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.

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.

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.

Negotiations on the financial details of the updated proposal are ongoing, with shareholder profits still to be finalised.