Forbes /AFX News Limited - November 9, 2005
US private equity firms Fortress and Carlyle, banking giant Citigroup Inc and three other parties have submitted bids for 300 properties belonging to Allianz AG's banking unit Dresdner Bank AG, Financial Times Deutschland reported, citing sources within the financial industry.
Dresdner Bank has received offers of up to 2 bln eur for about 300 of its offices and bank branches in what would be the largest ever sale-and-leaseback project by a German company, the newspaper said.
'The sale process is proceeding according to plan,' a spokesman for Dresdner Bank told the newspaper, while declining to further comment. The newspaper said the sale is expected to be completed by early 2006.
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