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Generation Development Group responds to report on Westpac unit acquisition

Generation Development Group Ltd., formerly known as Austock Group, responded to media speculation about its potential acquisition of Westpac Banking Corp. unit Ascalon Capital Managers Ltd., saying that it explores potential investments in financial services companies "from time to time."

The Australian group was responding to a May 9 report from The Australian Financial Review's Street Talk blog that said the company is in talks with Westpac on the acquisition of the investment unit. Although the discussions between the two are not officially exclusive, sources told the news outlet that both parties want to pursue a deal and Westpac is not talking to any other potential buyers.

In a May 10 stock exchange filing, the group said its policy was to not comment specifically on media speculation. The company, however, confirmed that it has not signed a binding agreement with any party to invest in a business.