REYKJAVIK, Oct 17 (Reuters) - Iceland has rejected an offer from Icelandic pension funds for a 51 percent stake in Kaupthing <KAUP.IC>, daily Morgunbladid reported on Friday, citing the commerce minister.
The newspaper quoted Commerce Minister Bjorgvin Sigurdsson as saying that their offer had not been 'satisfactory' and that it was unclear if discussions would continue with the pension funds over Kaupthing, one of the banks over which the state assumed control earlier this month.
Sigurdsson said Kaupthing bank would now be subject to the same process as the other two collapsed banks, Glitnir and Landsbanki, the newspaper reported. This would mean that a new entity would be formed to run the bank owned by the state.
The new bank's board would then decide whether to hold further talks with the pension funds.
(Reporting by Omar Valdimarsson via Stockholm newsroom) Keywords: ICELAND KAUPTHING/ tf.TFN-Europe_newsdesk@thomsonreuters.com cmr COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The newspaper quoted Commerce Minister Bjorgvin Sigurdsson as saying that their offer had not been 'satisfactory' and that it was unclear if discussions would continue with the pension funds over Kaupthing, one of the banks over which the state assumed control earlier this month.
Sigurdsson said Kaupthing bank would now be subject to the same process as the other two collapsed banks, Glitnir and Landsbanki, the newspaper reported. This would mean that a new entity would be formed to run the bank owned by the state.
The new bank's board would then decide whether to hold further talks with the pension funds.
(Reporting by Omar Valdimarsson via Stockholm newsroom) Keywords: ICELAND KAUPTHING/ tf.TFN-Europe_newsdesk@thomsonreuters.com cmr COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.