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West LB cancels talks with Apollo to sell WestImmo

West LB, the troubled German Landesbank, ended talks to sell its property lending subsidiary, WestImmo, with private equity giant Apollo Global Management, citing severe market deterioration and an unacceptable final sale price offer.
By James Wallace
December 16, 2011 | 7:00 P.M.

The government-owned bank said yesterday that a sale “cannot be justified in economic terms” given untenable extended liability risks for WestLB and its owners.

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