VIENNA Nov 19 U.S. hedge fund GoldenTree wants
to raise its stake in Austrian lender Bawag to about
40 percent from about 10 percent, a source familiar with the
situation said on Monday.
The move would give GoldenTree a controlling stake in Bawag,
which needs capital to shore up its balance sheet, together with
current owner Cerberus Capital Management.
Austria's BWB competition authority said GoldenTree had
informed it of its intention to buy a "significant" stake in
Bawag and it would decide whether to approve it by Dec. 14.
GoldenTree has already acquired about 10 percent of Bawag by
converting debt into equity.