16.10.09

Funds advised by US private equity group JC Flowers & Co have taken legal action to try to prevent the full nationalisation of Hypo Real Estate

The funds filed a lawsuit in a Munich court last week in a bid to invalidate a buyout of the bank’s minority shareholders at €1.30 a share.

The German state used its majority stake to force through the buyout at a shareholder meeting on 5 October.

JC Flowers claims the state’s actions represent a “violation of constitutionally protected ownership rights and result in the expropriation of shareholders”.

JC Flowers said it had also filed a formal complaint with the European Union. The legal action is the latest in a series of cases to be brought against the state takeover.

Source: Property Week (www.propertyweek.co.uk)

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