28-01-2019

Cerberus, Centerbridge make joint bid for Shipping Lender NordLB stake

U.S. investors Cerberus and Centerbridge made a joint bid for a minority stake in German public sector lender NordLB on Saturday, two people familiar with the matter told Reuters.

In a statement, the bank only said it had received a joint offer from two unnamed financial investors. It said it would review the bid and discuss any further steps with its owners.

NordLB is 65 percent owned by the German states of Lower Saxony and Saxony-Anhalt with regional savings banks holding the rest.

NordLB needs to shore up its balance sheet by 3.5 billion euros ($4 billion) to cover writedowns on the value of sour ship loans and has been aiming for a solution by early February.

NordLB Chief Executive Thomas Buerkle confirmed the bank also remained open to a solution involving public funds and savings banks.

Centerbridge declined to comment. Cerberus was not immediately available for comment.
Source: Reuters

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