Deutsche Bank to buy 30% in Postbank for $4 bn
Deutsche Bank agreed to buy almost 30% of Deutsche Postbank for $3.93 bn.
By Bloomberg |
FRANKFURT: Deutsche Bank agreed to buy almost 30% of Deutsche Postbank for e2.79 bn ($3.93 bn) in the country���s fourth financial-services acquisition in two months.
The bank will pay Deutsche Post e57.25 a share in cash for the holding, 25% more than Thursday���s closing price, Deutsche Bank said. Deutsche Bank has an option to buy an additional 18% of Postbank within three years for e55 a share.
The purchase will make Deutsche Bank the largest investor in Postbank, the country���s biggest bank by customers, and thwart a competing bid by Banco Santander.
By buying all of Postbank, CEO Josef Ackermann will more than double his consumer banking customers to about 24 mn in Germany and fulfill a promise to cut dependence on investment banking.
Deutsche Post CEO Frank Appel, 47, is selling Postbank to focus on mail, express deliveries and logistics. The purchase of the 29.75% stake is also a counterpunch to Commerzbank which agreed to buy Allianz���s Dresdner Bank for E9.8 bn less than two weeks ago to leapfrog Deutsche Bank by clients and branches.
Postbank fell E1.77 to E44 by 1:04 pm in Frankfurt trading, valuing the company at E7.2 bn.
The bank will pay Deutsche Post e57.25 a share in cash for the holding, 25% more than Thursday���s closing price, Deutsche Bank said. Deutsche Bank has an option to buy an additional 18% of Postbank within three years for e55 a share.
The purchase will make Deutsche Bank the largest investor in Postbank, the country���s biggest bank by customers, and thwart a competing bid by Banco Santander.
By buying all of Postbank, CEO Josef Ackermann will more than double his consumer banking customers to about 24 mn in Germany and fulfill a promise to cut dependence on investment banking.
Deutsche Post CEO Frank Appel, 47, is selling Postbank to focus on mail, express deliveries and logistics. The purchase of the 29.75% stake is also a counterpunch to Commerzbank which agreed to buy Allianz���s Dresdner Bank for E9.8 bn less than two weeks ago to leapfrog Deutsche Bank by clients and branches.
Postbank fell E1.77 to E44 by 1:04 pm in Frankfurt trading, valuing the company at E7.2 bn.
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