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Apollo Global Management unit offers to buy Banca Carige stake and bad loans

ApolloGlobal Management LLC's London-based unit Apollo ManagementInternational LLP has offered to buy Banca Carige SpA's portfolio of bad loans and raise thelender's capital by €550 million, the Italian bank said March 29.

According to its statement, the offer was made onMarch 23 and stipulated that €500 million of the capital increase would be heldby Apollo, while €50 million would be offered to existing Banca Carige shareholders.This would result in Apollo having a nearly 50% stake in the lender. BancaCarige will discuss the proposal after its new board of directors has beeninstalled on March 31.

Banca Carige said this was Apollo ManagementInternational's second offer. The first one was made on Feb. 10, when itproposed purchasing the bank's bad loans and launching a €625 million capitalincrease, including €100 million offered to existing shareholders.