Word: dresdner
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...country's top companies owned shares in each other's businesses, worked together for their common good and helped produce the country's postwar economic miracle. But in the age of globalization, that model is looking more and more out of date. With last week's acquisition of Dresdner Bank by Allianz, Europe's second- largest insurer, the cosy relationship is starting to unwind. Said Dresdner chairman Bernd Fahrholz: "Our union is above all a very important step toward the dismantling of Germany...
...Allianz's $21 billion purchase of Dresdner, Germany's third-largest bank, creates a $100 billion financial behemoth. With just short of $1 trillion in assets, Allianz becomes Europe's second-biggest asset manager. More important, the marriage of two of Germany's financial leaders will likely unleash a wave of consolidation, adding some welcome competition to Germany's overcrowded banking market...
There are plenty of practical applications too--sites that navigate train routes, make concert reservations, find restaurants and follow the stock market, all on the fly. Says Kirk Boodry, a senior analyst at Dresdner Kleinwort Wasserstein, in Tokyo: "These are different animals. The fixed-line Internet is about richness of content. The mobile Internet is about reach of content...
...Union Bank of Switzerland is trying to acquire Paine Webber. Deutsche Bank, Germany's largest private financial institution, not long ago purchased Bankers Trust in New York and the Baltimore-based Alex. Brown investment bank, but failed to pull off a merger with its longtime domestic rival, Dresdner Bank. Still intent on growth, Dresdner is set to buy Wasserstein Perella, another U.S. deal-maker, for some $1.3 billion...
...might not think that a multibillion-dollar deal between two European banks would affect your own (considerably more modest) financial situation. But it just might. Thursday, Germany's Deutsche Bank and Dresdner Bank announced plans to join in a "merger of equals" to form Deutsche Bank AG. The new company's total assets will be valued at a jaw-dropping $1.3 trillion, making it one of the largest financial institutions in the world. Not surprisingly, those profits won't be scraped together from the holdings of the average Helmut's personal bank account; the merger announcement included a plan...