BERLIN, Feb. 16 (Xinhua) — U.S. private equity firms Cerberus and J.C. Flowers are poised to acquire the ailing German financial institution HSH Nordbank, local media reported on Friday.
Business publication “Manager magazine” cited an informal agreement between the investors and the state governments of Hamburg and Schleswig Holstein that hold the majority of HSH Nordbank’s shares.
Considered to be the world’s largest provider of maritime finance, the Hamburg-based bank was heavily-hit in the 2007/08 financial crisis, leading the emergency provision of government credit guarantees worth 10 billion euros (12.4 billion U.S. dollars) and the launch of a far-reaching corporate restructuring program….
Read the full article at: http://www.xinhuanet.com/english/2018-02/17/c_136980349.htm