Lehman considered selling half of firm.
Global Banking News - 22 August 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Lehman Brothers (NYSE: LEH) had negotiated a deal to sell 50 percent of its shares to Korea Development Bank (KDB) earlier this month before the talks failed, The Financial Times has reported.
According to the report, Lehman's discussion for a two-part deal, under which Korea Development Bank would have acquired half of the US bank, failed following 'last-minute disagreements.'
Citing unnamed sources, the report said that Lehman also held talks with China's Citic Securities (600030.SS), the company that offered to invest USD1bn in Bear Stearns before that bank collapsed in March.
Analysts expect Lehman to take big mortgage-related write-downs in the third quarter. Lehman, which typically announces its third-quarter earnings in mid-September, has posted its first quarterly loss as a public company, of USD2.8bn in June.
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|Publication:||Global Banking News (GBN)|
|Date:||Aug 22, 2008|
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