SYDNEY, March 2 (Reuters) - Westpac Banking Corp, Australia’s No.3 lender, on Wednesday said it was no longer in discussions for a potential sale of its Hastings Funds Management unit. “For various reasons, including current external market conditions, Westpac and the relevant parties have elected to cease strategic conversations and due diligence with respect to a possible purchase of Hastings,” the bank said in a statement to Reuters. Hastings Fund Management specialises in the acquisition and management of infrastructure, property, alternative debt and private equity. Last year, it was the successful bidder for transmission network owner TransGrid. Westpac would consider its options “carefully” while continuing to support Hastings, it said. (Reporting by Swati Pandey; Editing by Michael Perry)
Westpac has said that it is no longer interested in selling its Hasting Fund Management unit for a number of reasons, including "current external conditions" and due diligence with respect to a possible purchase of Hastings. The company also cited the fact that Hastings had been acquired by another fund management company, which was not part of Westpac's portfolio.