November 19, 2012 / 2:40 PM / 5 years ago

GoldenTree to raise BAWAG stake to 40 percent: source

VIENNA (Reuters) - U.S. hedge fund GoldenTree wants to raise its stake in Austrian lender Bawag CCMLPB.UL 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 CBS.UL.

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 December 14.

GoldenTree has already acquired about 10 percent of Bawag by converting debt into equity.

Reporting by Alexandra Schwarz-Goerlich and Georgina Prodhan; Editing by Greg Mahlich

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