GERMANY: Deutsche bank confirms it is in advanced talks with Postbank to take a minority stake

Record ID: 560160

  • Title: GERMANY: Deutsche bank confirms it is in advanced talks with Postbank to take a minority stake
  • Date: 12th September 2008
  • Summary: "HANDELSBLATT" COVER WITH PHOTOGRAPH OF DEUTSCHE BANK CEO JOSEF ACKERMANN / HEADLINE READING "ACKERMANN REACHES FOR POSTBANK"
  • Embargoed: 27th September 2008 13:00
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: Finance
  • Reuters ID: LVA2R9WZ9EQVNOYM9Y4Y0JT4VYVK
  • Story Text: Deutsche Bank confirms it is in "advanced talks", as it is poised to take a minority stake in Postbank.
    Germany's second giant bank deal this month neared a climax on Thursday (September 11) with Deutsche Bank poised to take a minority stake in Deutsche Postbank as a way to boost its retail clout in Germany.
    Sources familiar with the situation said the rivals had worked out a broad agreement that would let Deutsche Bank -- the biggest bank in Europe's largest economy -- clinch an initial stake of less than 30 percent in Postbank.
    "I will happily confirm what we already said last night, that we are in advanced talks with Postbank," Deutsche Bank's Germany boss Juergen Fitschen said at a bankers' congress in Frankfurt.
    The deal would feature a clear timetable and minimum prices for buying the rest of owner Deutsche Post's stake of 50 percent plus one share in Postbank, the sources said.
    Germany's Handelsblatt newspaper reported that Spain's Banco Santander had offered to buy Deutsche Post's entire stake in Postbank and make a public offer for the rest.
    Shares in Deutsche Postbank fell more than 4 percent on Thursday morning amid signs the powerhouse Deutsche Bank was set to take a minority stake in the lender to help boost its retail clout in Germany.
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