Posted AT 3:45 AM EST on 03/10/08
Why LBOs will be the next thing to go pop
ROME — Five months ago, J.C. Flowers, one of Wall Street's best-known private equity firms, figured Germany's banks had been sufficiently beaten up. It was time to buy.
A Flowers-led group plowed €1.1-billion ($1.68-billion) into the country's second-biggest commercial property lender, Hypo Real Estate Holding, in exchange for a 24.9-per-cent stake.
Talk about bad timing.
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