AppId is over the quota
FRANKFURT | Sun Oct 9, 2011 6:06pm EDT
FRANKFURT Oct 9 (Reuters) - Private equity investor RHJ (RHJI.BR) has withdrawn its application from German regulator BaFin to buy Deutsche Bank (DBKGn.DE) unit BHF, amid difficulties in finding a co-investor, two people familiar with the situation told Reuters on Sunday.
Germany's markets regulator told RHJ that it believed the private equity house was unable to fund the deal and therefore needed to withdraw its application to buy BHF, one of the people familiar with the matter said.
Deutsche Bank and BaFin declined to comment. RHJ was not immediately available for comment.
German daily Financial Times Deutschland was first to report that BaFin had demanded the deal to be put on ice, according to an excerpt of its Monday edition.
In July, RHJ International said it was in exclusive negotiations to acquire BHF, adding that it planned to finance the purchase with the support of co-investors.
The costs of funding BHF once it is split from Deutsche Bank have risen due to strains in the inter-bank lending market, a factor that has deterred potential partners for co-investor Kleinwort Benson. [ID:nL5E7JO2EI]
Deutsche Bank has been on the lookout for a buyer ever since it inherited BHF through the 1 billion euro purchase of Sal. Oppenheim in March 2010.
Deutsche Bank's initial plan to sell BHF to LGT [LGT.UL], owned by the royal family of Liechtenstein, was scuppered in April after the deal was blocked by German regulator BaFin. [ID:nLDE73H09J]
BHF is a 150-year-old institution with roughly 1,500 employees and 40 billion euros ($53 billion) in client assets under management. ($1 = 0.741 Euros) (Reporting By Alexander Huebner; Writing by Edward Taylor; Editing by Richard Chang)
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