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WestLB Picks Finalists For Stake Sale
China Development Bank is among the finalists to buy a large stake in Germany’s WestLB bank.
China Development Bank (CDB) is among the finalists to buy a large stake in Germany’s WestLB bank, The Wall Street Journal reports. The other finalists in the auction include U.S. leveraged-buyout firms, Blackstone Group, ApolloGlobalManagement and JC Flowers & Company.
The four finalists are required to submit their offers by February 11, in a bidding process expected to hit the $13.74 billion mark. Düsseldorf-based WestLB was bailed out twice during the financial crisis and European competition authorities have ordered its owners to present a binding restructuring plan by February 15, adds FinancialTimes.
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