Thursday, 9 Apr 2020

Germany's NordLB, Helaba end merger talks: Boersen-Zeitung

BERLIN (Reuters) – Talks between ailing German public sector bank NordLB [NDLG.UL] and fellow public-sector lender Helaba [HLHTG.UL] about a possible merger have ended, Germany daily Boersen-Zeitung reported on Thursday, citing no sources.

The paper said Helaba’s management board informed its Board of Trustees and Board of Directors in a letter dated Dec. 21 that the merger talks had come to an end without agreement.

NordLB and Helaba both declined to comment on the report.

NordLB asked bidders to submit final bids in late November for the sale of up to a 49 percent stake in the bank, with a view to signing a deal by the end of January..

Sources told Reuters in December that buyout groups Cerberus [CBS.UL] and Centerbridge were the two final parties interested in a roughly 3.5 billion euro ($3.98 billion) capital injection into NordLB.

While Helaba did not hand in a formal offer for NordLB in November, talks between NordLB and Helaba stakeholders had continued on whether a public-sector solution could be found.

($1 = 0.8797 euros)

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