Successful Start of the Process to Sell WestLB AG

Oct 28, 2010, 14:25 ET from Mayer Brown LLP

FRANKFURT, October 28, 2010 /PRNewswire/ -- With the closing of the deadline today for expressions of interest in the acquisition of WestLB AG, the internationally active German commercial bank, the first step in the formal sales process has been completed. The level of expressions of interest received was robust and included a number of well-known strategic and financial investors from Germany and abroad. The expansive and international invitation to the bidding process followed the criteria set by the European Union. Interested parties will shortly enter the next phase of the open, transparent and non-discriminatory bidding process.

"Today's result represents an encouraging start to the bidding process for WestLB, which runs in parallel to the ongoing potential merger discussions between WestLB and BayernLB," commented Friedrich Merz, the official Sales Agent. "The potential bidders have already invested a substantial amount of time and resources in preparing for this process. This confirms the attractiveness of the core WestLB bank to investors. After an initial review of the expressions of interest, we are confident that a solution for WestLB can be found that is agreeable to all relevant parties and meets the 2011 year-end deadline set by the EU-Commission."

    For further information, contact:

    Brunswick Group GmbH
    Thomas Knipp, Senior Partner
    M: +49-172-680-05-37

    Christine Graeff, Partner
    M: +49-174-327-88-86

    Mayer Brown
    Friederike Hartmann
    Director Marketing & Business Development
    T: +49-69-7941-1045
    M: +49-160-9019-2756

SOURCE Mayer Brown LLP