China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Private equity still vying for Lehman's assets
NEW YORK (Reuters) - Bankrupt investment bank Lehman Brothers Holdings Inc is aiming for a quick sale of its investment management arm, and private equity firms are jostling for the unit, sources said.
Bain Capital, Hellman & Friedman, and Clayton, Dubilier and Rice are still pursuing the unit, after putting in bids before the weekend, sources said. It was unclear if KKR, which had also been vying for the asset, was still keen.
Bidders were left in limbo over the weekend as Lehman's fate was decided.
The bank filed for bankruptcy early on Monday.
Lehman said in a statement earlier on Monday it was in advanced discussions with a number of bidders to sell the investment management division (IMD), which includes the crown jewel, Neuberger Berman.
An internal memo obtained by Reuters on Monday said the investment bank hoped to announce a deal for the division "within a very short period of time".
"The senior leaders of IMD remain focused on actively pursuing a transaction involving IMD," the memo said.
Lehman originally put just a majority stake of the arm up for sale but is now seeking a deal for the whole unit.
(Additional reporting by Chelsea Emery; Editing by Bernard Orr)
