SYDNEY, July 24 (Reuters) - Westpac Banking Corp (WBC) on Monday said it has entered exclusive talks with Charter Hall Group (CHC) for the sale of its Hastings Funds Management unit.
Westpac did not specify a potential price for the sale. Westpac tried to sell the unit last year but withdrew from sale talks, citing market conditions. Analysts had expected Hastings to be sold for between A$300 million ($237.21 million) and A$500 million, a figure that is expected to be exceeded should talks with Charter Hall prove successful.
The potential deal comes as Australian banks are selling down capital intensive or low-returning assets.
Hastings Fund Management specialises in the acquisition and management of infrastructure, property, alternative debt and private equity. ($1 = 1.2647 Australian dollars)
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$21.60 |
Change
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Mkt cap ! $10.18B | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
|---|---|---|
| 10 | 534 | $21.59 |
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| Price($) | Vol. | No. |
|---|---|---|
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