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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...
...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...
...Concerned that cash-rich sovereign wealth funds from Asia or the Middle East could buy their way into the German financial industry, the German government has long wanted to see a second national champion created that together with the Deutsche Bank would dominate the German market...
...German banking sector has long been ripe for consolidation. Germany has three banking industries - commercial banks, public Landesbanken, and cooperative savings banks. All but the commercial banks are controlled by public authorities. The five biggest commercial banks control just 11% of savings deposits, while the public savings banks control 51% and the cooperative banks...
...seems that the only remaining piece in the consolidation of the German commercial banking sector is Deutsche Postbank, the former banking arm of the government post and telecommunications monopoly. Its owner, Deutsche Post, itself still controlled by a large government shareholding, wants to sell. Until now, a sale to Commerzbank was considered prudent, but the newly enlarged bank is unlikely to be interested, analysts...