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| Flowers Quits Hypo Real Estate Board |
| Frankfurt, 27.03.2009 |
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| Associated Press
FRANKFURT -- J. Christopher Flowers, chief of U.S. private-equity firm J.C. Flowers & Co. LLC, resigned Friday from the supervisory board of Hypo Real Estate Holding AG, seeking to avoid a conflict of interest as the German government considers whether to buy the troubled bank.
J.C. Flowers said Mr. Flowers and fellow supervisory-board member Richard Mully, a managing partner of Grove International Partners LLC, stepped down to avoid conflicts in case Germany takes action against Hypo shareholders, forcing them out of their investment in Hypo.
The move follows legislation passed by the German lower house of parliament on March 20 to allow the government to buy stakes in the bank, in effect nationalizing it.
The legislation still needs approval from Germany's upper house before it becomes law. J.C. Flowers and its shareholders own about 17% of Hypo, while Grove and its shareholders own about 6.7%.
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia
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