Look Who's Said To Be Mulling Over A Bid For Lehman Now
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Bloomberg quotes Ladenburg Thalmann analyst Richard Bove, who said that Lehman CEO Richard Fuld will be toast if he doesn't raise funds soon. 'He will not be at the company. He simply has to take the medicine of selling a huge chunk of the company to a partner who's going to buy in at an extraordinary low price'. And Fuld's likely successor looks to be the firm's 49-year-old President / COO Herbert 'Bart' McDade.
Speculation is mounting that Korea Development Banking is trying to pull a consortium together to make some kind of investment in Lehman (if the price is right), although Shinhan Financial, South Korea's second-largest bank, and Woori Finance, the country's third-largest bank, have said that they are either not interested in or have not considered a deal.
And rumors are spreading (unlikely in our view) that HSBC is mulling over an investment in Lehman, or considering an outright purchase. And The Times reported Thursday that Japan's Mitsubishi UFJ Financial was also in the mix for Lehman. The newspaper's senior sources said that bank executives were seeing a possible Lehman acquisition as a 'once in a lifetime opportunity'. Reuters reports, however, that an unnamed bank executive said later Thursday morning that his bank had 'absolutely no plans' to get involved in a deal.
Finally, it never rains........$4bn hedgie Ospraie Fund is said to have lost 38% since the beginning of the year after sustaining commodities-related losses, and is closing down. The fund is 20% owned by........Lehman. On the bright side, at least Lehman will be getting some cash in, as investors will get what's left of their stake returned.
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