The German govenrment moves to take over ailing bank HRE

The German government has launched a takeover bid for commercial property lender HRE as part of its efforts to stabilise financial markets. It's a first step towards nationalisation of the struggling bank. Last week legislators approved a law that permits the state to expropriate shareholders in troubled banks under certain circumstances. The government says it wants 100 per cent control so that it can restructure HRE without obstacles. +SYN-MAZ+++