Catalunya Banc's EUR 7bn Hercules portfolio attracts offer from Soros -
The sale of Catalunya Banc’s EUR 7bn Project Hercules portfolio of residential mortgage loans has attracted a surprise last minute bidder: entrepreneur George Soros, who has tabled one of the highest non-binding offers, Expansion reported.
According to the Spanish-language business daily, which cited financial sources, Soros is bidding in alliance with Varde Partners.
Rivals for the book include the tandem Blackstone/TPG; Apollo Global Management who has joined Centerbridge Partners and is in talks to Lone Star; Pimco, whose allies are Marathon, Oaktree, Deustche Bank and Finsolution; and Cerberus Capital Management with Goldman Sachs.
Offers range from EUR 3bn to EUR 3.5bn, the report said. N+1 and Baker & Mckenzie are advising.
A report in Cinco Dias said that on Thursday FROB shortlisted five of the 12 offers received. The selection criteria was to choose offers seeking little public aid, the report said, citing financial sources. The portfolio will have a guarantee from the state for potential future losses.
Source Expansion, Cinco Dias