Cerberus, Centerbridge File Joint Bid for German Lender NordLB
(Bloomberg) -- Cerberus Capital Management and Centerbridge Partners have filed a joint bid for a stake in German lender NordLB, people familiar with the offer said.
Nord LB Chief Executive Officer Thomas Buerkle said in a statement earlier the lender still remained open to a public solution and the company was considering a joint offer, without specifying the bidders. The offer period ended at midnight.
The offer comes after efforts to reach an agreement to recapitalize one of the country’s largest public-sector lenders hit an impasse that threatened to send ripples through a key pillar of the banking system.
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