Cerberus Considers Buying Gerling, Says Reuters

U.S. private investor Cerberus is considering buying German insurer Gerling (GKAGa.DE ) but has yet to take a decision, Reuters reported, citing sources familiar with the situation. "Cerberus is in the due diligence stage with Gerling but it is not

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U.S. private investor Cerberus is considering buying German insurer Gerling (GKAGa.DE:) but has yet to take a decision, Reuters reported, citing sources familiar with the situation.

“Cerberus is in the due diligence stage with Gerling but it is not yet completed,” one source told Reuters. “Overall, the process is in an advanced stage.” The source added that the outcome of the due diligence checks was still open but proceeding in a “very good atmosphere.”

Insurance industry sources say the due diligence process was already completed and Cerberus was close to deciding on the deal, according to The Financial Times Deutschland. It added that Cerberus wanted to buy the whole of the Gerling group, including a holding company, and that this investment would act as a foothold for other ventures in Germany. Other potential buyers included Talanx and Zurich Financial Services.

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