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China denounces EU airline carbon law, seeks talks

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Barclays targeted UBS ahead of Lehman buy: report

NEW YORK | Mon Mar 15, 2010 8:45pm EDT

NEW YORK (Reuters) - Barclays Plc (BARC.L) considered UBS AG (UBSN.VX) its preferred merger target just weeks before it bought U.S. assets from the collapsed Lehman Brothers Holdings Inc LEHMQ.PK, the Financial Times said in its online edition on Monday.

A spokeswoman for Barclays did not immediately return a call seeking comment.

Senior executives at Barclays Capital, Barclays' investment banking unit, had presented UBS as a favored takeover target at a July 2008 board meeting, the newspaper said, citing unnamed current and former directors.

At the time, UBS had already been feeling pain from the deteriorating housing market and related mortgage securities.

Barclays, meanwhile, had just failed to buy ABN Amro, losing out to a consortium of buyers. Two members of that group, Royal Bank of Scotland Group PLC (RBS.L) and Fortis SA FOR.BR, were later subjected to government rescues.

(Reporting by Jonathan Stempel; Editing by Bernard Orr)
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Comments (2)
STORY-BURN wrote:
I cannot believe they are resurrecting Lehman Brothers…that was the worst news today.

Storyburn

Mar 15, 2010 11:05pm EDT  --  Report as abuse
PeterofLoneTree wrote:
Read http://cryptogon.com/?p=14333 to see how some people might go to jail over the Lehman fiasco.

Mar 15, 2010 11:30pm EDT  --  Report as abuse
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