December 12, 2012 / 12:35 PM / 5 years ago

Austria to approve Golden Tree raising BAWAG stake

VIENNA, Dec 12 (Reuters) - 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.

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