Thursday , June 17 2021

Cerberus, Centerbridge makes a joint bid for NordLB shares: sources

US investors "Cerberus" and "Centerbridge" made a joint bid for a minority stake in the German creditor NordLB in the German public sector, Reuters reported.

In a statement, the bank only said it had received a joint bid from two unnamed financial investors. She said she would review the offer and discuss any further steps with her owners.

NordLB is 65% owned by the German provinces of Lower Saxony and Saxony-Anhalt, and the rest have regional savings banks.

NordLB has to increase its balance sheet by 3.5 billion euros (4 billion dollars) to cover write-offs of the value of sinker loans and seeks a decision by early February.

NordLB CEO Thomas Bjorkle confirmed that the bank also remains open to a solution involving public funds and savings banks.

Centerbridge declined to comment. Cerberus was not available for comment.

Reporting by Klaus Lauer; Additional reporting by Arno Schuetze; Writing by Christoph Steitz; Editing by Kirsten Donovan

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