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Report: Värde, Apollo among potential bidders for Italian lender Carige


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Report: Värde, Apollo among potential bidders for Italian lender Carige

A number of investors are mulling offers for Banca Carige SpA in advance of an April 15 deadline to submit bids for the troubled Italian lender, Reuters reported, citing a source close to the matter.

Sources reportedly named Värde Partners Inc., Apollo Global Management LLC and BlackRock Inc. among those interested in Carige, Reuters said. Italian press also reported that U.K.-based asset manager Attestor Capital LLP is interested in the Italian lender.

Carige's prospective buyers are in talks with the European Central Bank, which appointed temporary administrators for the Italian lender in January to oversee the bank and replace its board.

Some of the potential investors are only interested in specific assets of the bank, the source added. A second source close to the matter said only two private equity funds put forward bids for Carige.

Earlier in February, Illimity's CEO said the bank could be interested if Carige decides to sell its nonperforming and unlikely-to-pay loans portfolio.

Carige said in February that it must raise €630 million in 2019 to execute a "fundamental turnaround."

The ECB and Carige declined to comment on the matter, according to the March 18 Reuters report.