The Westpac subsidiary of the nation’s biggest bank is “no” to an $7 billion offer from the Bank of New South Wales to buy a reactor to power Australia’s biggest banks.
Westpac Chief Executive Andrew Mackenzie told the ABC’s Insiders program the proposal was “unrealistic”.
“We’ve been very clear from the beginning that we want to maintain our long-term viability and we want the bank to be the long- term partner in that,” Mr Mackenzie said.
The ABC’s Victoria Dyson said Westpac had been in talks with the bank about a sale of the two reactor sites in Adelaide and Hobart.
But Mr Mackenzys comments on the offer were a major blow to the bank’s plans to sell a fifth of its assets.
“What we have not received is a reasonable offer,” Mr Dyson told Insiders.
Mr Mackenzie was responding to questions from Insiders host Ben Guthrie about the proposal.
He said WestPac had been working with the Bank on the proposal, which was for $4.9 billion.
There were also discussions about a $5 billion deal to buy the rest of the Australian National University (ANU) buildings in Canberra.
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