Friday, 29 May 2015
Last updated 15 min ago
Nov 19 2012 | 11:51am ET
GoldenTree Asset Management will buy a big chunk of a major Austrian bank for Cerberus Capital Management.
The New York-based hedge fund will add a "significant stake," about 40%, of Bawag PSK Bank, which was bought six years ago by the private equity firm. GoldenTree will give Bawag a €200 million capital injection as part of the deal, the Austria Press Agency reports.
Cerberus will retain a majority stake in the bank, but GoldenTree may get joint control over Bawag.
GoldenTree told the Austrian antitrust authority, Bundeswettbewerbsbehörde, of its plans last week. As part of the deal, the hedge fund may swap its Bawag debt for stock in the bank.
May 27 2015 | 2:15pm ET
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