03/28/2008 02:45 am ET Updated May 25, 2011

Billionaire Ross Eyes Ambac

Billionaire Wilbur Ross is in serious talks to take over Ambac Financial Group, according to a media report, but broader efforts to rescue the sector will take some time, a New York state
regulator said on Thursday.

Wilbur Ross said in December he was looking at investments in bond insurers. The U.K.'s Evening Standard reported on Thursday that he is in talks with Ambac that are "serious and progressing well."

But New York's insurance regulator said earlier on Thursday that any plan to shore up the insurers that guarantee $2.5 trillion of bonds will take time because of the complexity of the issues and the number of parties involved.

Read more on Reuters Via CNBC