Word: dresdner
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...merger of Commerzbank and Dresdner Bank, the biggest banking deal in Germany in a decade, was met with anything but a show of confidence by investors...
...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...
...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...
...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...
...modeling software, used by aerospace and automotive engineers to design parts and products. Its clients include Boeing, Airbus, Daimler and Ferrari. "Its core markets are fairly static. What it's trying to do is broaden its reach and find new markets," says Adam Shepherd, an analyst with investment bank Dresdner Kleinwort. In recent years Dassault has successfully branched out to many other industries, including fashion and consumer electronics. Cutting-edge architect Frank Gehry uses Dassault software to model his buildings...