January 14, 2011 / 8:35 AM / 9 years ago

UPDATE 1-WestLB, owners to hold talks with four bidders

* Steering committee: Bidders to receive access to data room

* Formal bids due on Feb. 11

* Bidders’ plans to be presented to EU Commission next week

(Adds details, background)

FRANKFURT, Jan 14 (Reuters) - WestLB [WDLG.UL] and its owners will hold talks with four bidders for the German state-controlled lender, the bank’s steering committee said on Friday.

The unnamed bidders, who have expressed interest in the bank as a whole, will now receive access to WestLB’s data room, said the committee — which consists of the bank’s managers, its owners and the German government.

More formal bids are due on Feb. 11, the committee said.

“Next week, we will inform the EU Commission about the status of the bidding process and will present the bidders’ concepts,” Friedrich Merz, who has been appointed by WestLB’s owners to oversee the sale of the Duesseldorf-based lender, said in a statement.

WestLB, partially owned by the German state of North Rhine-Westphalia and local savings banks, was put on the block at the request of the European Union as a condition for regulatory approval of state aid granted in the financial crisis. (Reporting by Matthias Inverardi; Writing by Maria Sheahan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below