VIENNA Dec 12 Austria's competition regulator
plans to allow U.S. hedge fund GoldenTree Asset Management to
raise its stake in Austrian bank Bawag PSK to up to
40 percent, it said on Wednesday.
"In all likelihood, it will be approved," a spokeswoman for
the BWB said, adding that an official decision would be
announced on Friday.
A source familiar with the situation told Reuters that
GoldenTree wants to raise its stake to about 40 percent to give
it joint control with Bawag's main owner, the private equity
firm Cerberus Capital Management.
GoldenTree acquired its near 10 percent stake in Bawag,
which needs capital to shore up its balance sheet, by converting
debt into equity.