Word: commerzbank
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...financing of the deal is complicated and takes place in two steps. First, Commerzbank will pay Allianz $2.33 billion in cash, $4.94 billion in stock, and give the German insurer its asset management business Cominvest, which has a value of roughly $1 billion. Then, in a second step to take place by the middle of next year, Commerzbank will give Allianz another $4.58 billion in stock. In the end, Allianz will hold a 30% stake in Commerzbank, giving the insurance giant the opportunity to sell its insurance products over Commerzbank bank counters. And with Allianz as a major shareholder, Commerzbank...
...Only a few years ago, it was Commerzbank that looked like a takeover target. But Blessing, who became head of the bank just three months ago, helped engineer a turnaround of the bank's retail business and lending to mid-sized businesses, Germany's famous Mittelstand that forms the backbone of its economy. Blessing, a hobby marathon runner who had hoped he would be able to rebuild Commerzbank at a less hectic pace, realized that in the current financial crisis the opportunity to take over rival Dresdner may not come again...
...taking advantage of a unique opportunity," said Blessing in a statement issued on Sunday, after Commerzbank and Allianz had shook hands on the deal...
...Talks had been ongoing for months, but were hampered by Dresdner executives who knew that the merger could cost them their jobs. On the Dresdner management board, only CEO Herbert Walter backed the deal, and he will take a new job on the board of the new Commerzbank...
...Commerzbank and Allianz appeared to be moving closer to a deal, another obstacle emerged. The state-owned Chinese Development Bank signaled its interest buying Dresdner at a premium. Some Allianz shareholders, and Dresdner's insurgent executives, appear to have been pushing for a deal with CDB. But, according to German press reports, Allianz CEO Michael Dieckmann put out feelers in the German chancellery and found little sympathy for a deal with the Chinese...