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 While most eyes are on Asian banks as potential bidders for troubled Lehman Brothers Inc., apparently a bank to the north, Royal Bank of Canada, had considered a bid back in July, according to a Financial Times story.
However, RBC was trigger shy, doubting Lehman's ability to shore up the $7 billion in credit-related write-downs and losses on its balance sheet, according to the FT, which cited an unnamed source.
The news of tepid interest from the north comes on the heels of a Saturday Wall Street Journal report that Nomura Holdings Inc., Japan's biggest brokerage, is mulling an investment in Lehman. Other possible interested bidders for the bank reportedly include Korea Development Bank, which has reportedly floated a $5.3 billion offer for a 25% stake in the investment bank, and HSBC Holdings plc. However, an all-out sale is not the investment bank's only option. Rumors also say Lehman Brothers could split into two separately listed companies -- a "good bank" and a "bad bank" -- kind of like Dr. Jekyll and Mr. Hyde. Lehman is also reviewing bids from buyout shops for both Neuberger Berman LLC and minority stakes in several hedge funds. Kohlberg Kravis Roberts & Co., Hellman & Friedman LLC and Bain Capital LLC are reportedly all in the auction, which could fetch $7 billion or more. Analysts expect $3.5 billion in write-downs when the investment bank reports its third-quarter earnings. - Maria Woehr
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