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• Ikb Dt. Industriebank O.N.

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There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - US private equity group Lone Star Funds is to buy IKB Deutsche Industriebank, Germany's first casualty of the credit crunch.

IKB had to rescued by Germany's state-owned development bank KfW after racking up write-downs of $15bn on its sub-prime portfolio. KfW told reporters it received a low "three-digit million-euro sum" for its 91% stake.

Lone Star will inject €225m into IKB and another €200m into a special purpose vehicle that will hold €3.3bn of IKB assets. KfW will retain €1.3bn of the portfolio with the German government guaranteeing €600m of those assets.

Lone Star, which says it expects to hold the IKB stake for at least two years, has focused on acquiring distressed financial assets recently. It recently bought $30.6bn of CDOs from Merrill Lynch at a big discount to face value.

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