November 27, 2018 / 6:28 PM / 6 months ago

Commerzbank drops out of bidding for NordLB: Handelsblatt

Visitors arrive at Commerzbank's headquarters before the bank's annual news conference in Frankfurt, Germany, February 8, 2018. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - Commerzbank (CBKG.DE) has walked away from bidding for a stake in German public sector lender NordLB because the suitor was not satisfied with the growth and synergy potential from a deal, daily Handelsblatt reported on Tuesday.

Reuters reported this month that final offers for a stake in the bank were due late November. Shortlisted bidders included public sector bank Helaba, Commerzbank, and private equity investors including Cerberus, Apollo and Advent.

Handelsblatt said binding offers are due on Wednesday, citing people familiar with the matter.

Commerzbank, which is Germany’s second-largest listed lender, and NordLB declined to comment.

NordLB and its shareholders, which include regional savings banks, want to restructure the lender in a way that avoids breaching European Union state aid rules that could force a complete sale.

NordLB is also in the process of selling almost all of its non-performing shipping loans this year as it seeks to strengthen its capital buffers.

($1 = 0.8865 euros)

Reporting by Ludwig Burger, Andreas Framke and Klaus Lauer; Editing by Jan Harvey

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