Deutsche Bank to offer euro25 per share for Postbank in bid underpinned by capital increase
By APTuesday, September 21, 2010
Deutsche Bank to offer euro25 per share for Postbank
BERLIN — Deutsche Bank AG says it will offer euro25 ($32.69) per share for retail lender Deutsche Postbank AG in a takeover bid that will underpinned by a large capital increase.
Germany’s biggest bank currently owns just under 30 percent of Postbank. It announced its bid for a full takeover on Sept. 12, along with the capital increase, which it said this week will bring in some euro10.2 billion.
Deutsche Bank said then that it would offer a cash payment equal to the volume-weighted average share price over the previous three months, likely between euro24 and euro25 per share.
The company said Tuesday that German financial regulator BaFin has put that price at euro25.
Deutsche Bank shares tumbled 4.5 percent to euro44.75. Postbank shares gained less than 1 percent.
