Banca Carige Claims Receipt of Offer from Apollo For Bad Loans
March 29 2016 - 5:38AM
Dow Jones News
By Giovanni Legorano
MILAN--Troubled Italian lender Banca Carige SpA (CRG.MI) says
Apollo Management International LLP (APLO)has made the bank a
non-binding offer to buy its portfolio of bad loans and
recapitalize it with a 500 million euro ($558.8 million) reserved
capital increase.
At current market prices -- the bank capitalizes EUR478 million
-- Apollo would gain control of the bank, after the reserved cash
call.
The bank said Apollo's proposal is a revision of the initial
offer the fund made in February. At the time, the fund had offered
to buy EUR525 million in new shares.
Write to Giovanni Legorano at giovanni.legorano@wsj.com
(END) Dow Jones Newswires
March 29, 2016 05:23 ET (09:23 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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