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WestLBWestdeutsche Landesbank Girozentrale (Germany)
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BANKING AND CREDIT NEWS-January 17, 2012--BofA, HSBC, WestLB give USD270m credit to Gazprom for chemical plant(C)2012 M2 COMMUNICATIONS http://www.m2.com
None of the parties wished to comment to the FT.Country: , Germany, FranceSector: Banking/Financial ServicesTarget: WestLB's portfolio of PE fund interests, BNP's portfolio of PE fund interestsVendor: WestLB AG, BNP Paribas SAType: DivestmentStatus: Talks, Auction
Owners of Germany-based WestLB have been provided with another deadline to rework a restructuring plan for the bank.
To date, WestLB, located in North Rhineland-Westphalia, has received different types of public aid: a risk shield of 5 billion, a capital injection of 3 billion, and an asset relief measure, including further aid, which is currently being assessed by the EU executive.
AWG dismissed the offer as undervaluing the group and WestLB upped the ante with a new offer of 545p a share, or pounds 967 million.
An analyst made it clear that WestLB still considered the cut-costs carrier to be a good long term bet, commenting: "The group remains the best strategically-positioned airline to take advantage of the low-fares market in Europe and we re-iterate our 'add' recommendation."
WestLB, controlled by the Germanya[euro](tm)s North Rhine-Westphalia state and local savings banks, is working to reduce its activities to a core bank which will operate as Verbundbank and serve regional savings banks.
It is expected that the deal would lead to the sale of assets and businesses and the creation of a core bank less than a third of WestLB's current size.
WestLB's "neutral" advice means that the current price of a company's shares corresponds to their fair value.
WestLB AG (North Rhine-Westphalia) operates as a central bank and as a commercial bank.
The panel intervened on Tuesday at the request of AWG's advisers following four months of uncertainty created by WestLB's initial approach.
Global Banking News-May 9, 2012--China Construction Bank eyes WestLB's South American assets(C)2012 ENPublishing - http://www.enpublishing.co.uk