Word: commerzbank
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...Investors think that Commerzbank did not get as good a deal as Allianz," said Konrad Becker, a financial industry analyst at Merck Finck...
...After months of behind-the-scenes negotiations, a last-minute interference run by a state-owned Chinese bank, and a minor rebellion among Dresdner executives certain to get axed in the wake of a deal, Commerzbank overcame the odds and agreed to acquire Dresdner for $14.5 billion from its owner, insurance giant Allianz...
...combination of Germany's second- and third-largest banks creates the country's No. 2 bank with $1.46 trillion in assets, half the size of the nation's market leader, Deutsche Bank. In terms of retail customers in Germany, the newly enlarged Commerzbank is now the leader in German retail customers, with 11 million compared to Deutsche's 9.7 million...
...Commerzbank said it could achieve savings of some $7.27 billion, largely by cutting 9,000 jobs from the combined staff of 67,000, and by closing about 22% of the new bank's branches. Still, when the dust settles Commerzbank will have 1,200 branches in Germany, compared to Deutsche...
...while Blessing and Allianz chief executive Michael Dieckmann, 54, celebrated the deal, investors thrashed Commerzbank for paying too much and analysts questioned whether Blessing and his team were up to the task of successfully completing the merger. In light of the ongoing financial crisis, analysts were surprised to learn that Commerzbank values the struggling Dresdner bank at a premium of 1.1 times its current book value. Commerzbank shares fell as much as 12.1% in trading Monday, the biggest decline in the company's stock since October 2002, according to the news agency Bloomberg...