Bid frenzy for WestLB as the deadline nears

first_img AILING German state-controlled lender WestLB, which has been put up for sale, has attracted the interest of several potential buyers, two people familiar with the bank said yesterday. Non-binding indications of interest have been handed to bankers at Morgan Stanley who have been commissioned to manage any sale.WestLB, which is partially owned by the German state of North Rhine-Westphalia and local savings banks, has been put on the block at the request of the European Union, as a condition for EU approval of state aid granted in the financial crisis.Brussels has demanded that the Duesseldorf-based lender, which a regional politician said is worth at least €10bn (£8.7bn), must find new owners by the end of 2011.At the same time, WestLB is holding talks over a possible merger with Bavarian peer BayernLB.A merger of the two lenders would create Germany’s third-biggest bank by assets after Deutsche Bank and Commerzbank, overtaking troubled rival LBBW.Separately, a finance ministry source said Germany had delivered an application by WestLB to the European Commission for more time to sell property unit Westdeutsche ImmobilienBank.The bank is supposed to sell its WestImmo unit as a condition for winning EU approval for state aid.WestLB asked the government to apply for a postponement with the Commission because current bids for the unit were not acceptable. FAST FACTS | WESTLBThe deadline for bids for WestLB is 31 December.Instead of a sale, WestLB also has the option of a merger – it is currently in talks with Bavarian peer BayernLB about joining forces. KCS-content Thursday 28 October 2010 7:56 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm whatsapp Tags: NULLcenter_img Show Comments ▼ Bid frenzy for WestLB as the deadline nears Share More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comUK teen died on school trip after teachers allegedly refused her whatsapplast_img

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