WestLB Can't Close Sale Of Real Estate Arm To Apollo

Law360, New York (December 15, 2011, 4:56 PM EST) -- German bank WestLB AG said Thursday that talks over the sale of its WestImmo real estate finance arm to private equity giant Apollo Global Management had failed and the deal "cannot be justified in economic terms."

In July, as part of a companywide restructuring effort, WestLB said it was discussing the sale of the subsidiary, Westdeutsche ImmobilienBank AG.

"It was our declared aim to bring the sale negotiations to a conclusion, also with a view to preserving jobs," WestLB managing board chairman Dietrich Voigtlander said....
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