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JC Flowers linked to CAM Aquisition

Tue 28th Jun 2011

JC Flowers & Co. LLC, a New York based private equity company, is believed to be in talks with Spanish savings bank Caja de Ahorros del Mediterraneo, a Caja popularly known as 'CAM', to buy a stake for between 400 million euros and 1 billion euros, Spanish newspaper Expansion reported, without citing it's source.

JC Flowers wants the country to be a guarantor for up to 2 billion euros of losses as a condition, Expansion says.

Earlier this year Banco Base, a partnership formed from 4 Spanish Cajas to combine assets before listing as a Bank, made a last minute decision to allow CAM to join their ranks. Since then CAM have been identified as one of the weakest Cajas and linked to Santander and BBVA who were both rumoured to be eyeing the caja as an acquisition.

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