World Economy

Aug 25, 2008

world economy

The second German private bank should meet its supervisory board to decide on a takeover.
IKB Berlin could sell three times more expensive
Commerzbank is expected to deliver its verdict this week on a possible takeover of Dresdner Bank. The second private bank in Germany because, according to the Financial Times Deutschland on Monday 25 August, convened an extraordinary meeting of its supervisory board for the weekend.
After months of negotiations, Commerzbank would not have taken a decision on the case. Indeed, the two institutions have still not reached an agreement on a number of issues, particularly on the recovery of the Dresdner Bank and the assessment of risks on both sides.
According to the daily Die Welt, the two sides would come to an agreement on the fact that the transaction will not be a merger of equals as originally envisaged, but a takeover of Dresdner by Commerzbank. Allianz would retain a slightly less than 30% of the new bank.
According to the Süddeutsche Zeitung on Monday, the selling price of the Dresdner Bank could oscillate between nine and ten billion euros

by erectusplus at 2:00 AM |