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KfW prepares for 2nd stage of IKB sale
Jan Kvarnström to advise the Group
Frankfurt (ots) - KfW is bolstering its team of experts for the next stage of the IKB selling process. The Board of Managing Directors has hired Jan Kvarnström to reinforce the advisory services Merrill Lynch is providing in strategic and operative aspects of the selling process and IKB's portfolio investments. Ingrid Matthäus-Maier, Spokeswoman of the Board of Managing Directors of KfW, commented: "Jan Kvarnström is an acknowledged expert, especially in the restructuring of loan portfolios. We are pleased to have his support in the actual selling stage of our IKB shares."
KfW initiated the structured selling process for its shares in IKB Deutsche Industriebank AG (IKB) on 18 January 2008. Potential bidders were invited to submit an indicative offer on the basis of an information memorandum. A number of bids have been submitted from within Germany and abroad. The selling process is now entering the next stage as planned. KfW intends to enable the remaining bidders to perform a due diligence of detailed documents at IKB and to submit a binding offer prepared on this basis. This due diligence will be conducted in close coordination with IKB.