Wednesday , September 28 2022

Commerzbank quits NordLB – Handelsblatt


FRANKFURT, Nov. 27 (Reuters) – Commerzbank has quit the bid for a stake in the German lender in the NordLB public sector because it was not satisfied with the potential for growth and synergy in a deal, the daily Handelsblatt reported.

Reuters reported this month that the final bids for a stake in the bank were held in late November. The auctioned bidders included Helaba public banks, Commerzbank and private equity investors, including Cerberus, Apollo and Advent.

Handelsblatt said mandatory bids would be on Wednesday, citing people familiar with the issue.

Commerzbank, which is the second largest lender listed in Germany, and NordLB declined to comment.

NordLB and its shareholders, including regional bankers, want to restructure the lender in a way that avoids breaches of the European Union's State aid rules that could force a full sale.

NordLB is also selling almost all of its non-performing shipping loans this year because it is trying to strengthen its capital reserves.

$ 1 = 0.8865 euro
Reporting by Ludwig Burger, Andreas Framke and Klaus Lauer;
Editing by Jan Harvey

Our Standards:Thomson Reuters Trust Principles.
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