November 1, 2019 / 10:58 AM / in 11 days

Cerberus sells half its stake in Austrian bank BAWAG for 471 mln eur -bookrunner

ZURICH, Nov 1 (Reuters) - Major shareholder Cerberus Capital Management has sold a 13.5% stake in BAWAG Group , or around half of its holding, for about 471 million euros ($525 million), the bookrunner on the deal said on Friday.

The sale by Cerberus affiliates via an accelerated bookbuilding was priced at 35 euros a share, the bookrunner said.

BAWAG shares were trading at around 36.50 euros at 1045 GMT, down 1.4% from the previous close.

According to BAWAG’s website, Cerberus and GoldenTree had each held 25.7% stakes before the latest share sale.

In May, affiliates of Cerberus had sold around 9.3 million shares in May for 36 euros each.

BAWAG, a former trade union bank, reported last month that profit before tax reached 164 million euros in the three months ended September.

BAWAG, Austria’s fourth-biggest bank, had to be bailed out in 2006 when it narrowly escaped a bank run after being sued by creditors of collapsed U.S. futures trader Refco, one of its affiliates.

It was then sold to Cerberus and other investors for 3.2 billion euros. BAWAG went public in 2017 in Austria’s biggest ever listing. ($1 = 0.8973 euros) (Reporting by Michael Shields; Editing by Susan Fenton)

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