CPP in talks with Cerberus about Bawag stake: Austria's Der Standard

Fri Oct 21, 2016 3:51pm EDT
 
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VIENNA (Reuters) - Pension fund Canada Pension Plan (CPP) is in talks with fund Cerberus [CBS.UL] about buying a 30 to 40 percent stake in Austrian lender BAWAG PSK [CCMLPB.UL], Austrian newspaper Der Standard reported on Friday citing an unnamed source.

BAWAG, majority owned by U.S. firms Cerberus Capital Management and GoldenTree Asset Management which hold 52 and 40 percent respectively, was not immediately available for comment.

CPP declined to comment.

BAWAG said in August its net profit fell in the second quarter as a larger income-tax charge dented its bottom line, but that it remained on track to exceed its targets for the year, including net profit of more than 450 million euros ($489.5 million).

(Reporting by Shadia Nasralla; Editing by Adrian Croft)