Word: deal
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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...
...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...
...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...
...taking advantage of a unique opportunity," said Blessing in a statement issued on Sunday, after Commerzbank and Allianz had shook hands on the deal...