Tuesday, November 24,  10:28 am

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The German government began in earnest to nationalize Hypo Real Estate Holding AG, buying a minority stake just days before the upper house of parliament looks set to clear the troubled lender to boot out private shareholders.

Through its Soffin bank rescue fund, the German government paid €60 million ($79 million) for 20 million new Hypo RE shares, equivalent to an 8.7% holding. The €3 per share offer was the minimum the law allows and well above the €1.52 for which Hypo RE stock traded Monday afternoon in Frankfurt after rising 38%, or €0.42.

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