WestLB receives 10 bids

WestLB has received 10 non-binding bids for its real estate finance unit Westdeutsche Immobilienbank but the offers are below book value, sources said yesterday, stoking fears that a fire sale could spoil real estate asset valuations. There is no current book value for the unit but at the end of 2008, WestLB valued it at €850m (£770.5m). WestLB must sell the divison to meet European Commission demands for a radical restructuring in exchange for approving a bailout. WestLB has to find new owners by 2011.