06/11/2003
WestLB Sells Holding in Pubmaster
With the announcement today of the sale of Pubmaster to Punch Taverns plc, WestLB has sold its 22% holding in the UK pub chain. At the same time Pubmaster´s existing liabilities to WestLB AG will be repaid as a result of the sale.
Manfred Puffer, the WestLB AG Managing Board member responsible, said: "For WestLB the investment in Pubmaster was a successful principal finance transaction."
The sale is still subject to approval by the UK competition authorities. However, WestLB AG expects the profit from the sale to become effective for the current financial year.