Commerzbank (CBK GY) Seeks Wealth Fund Investor in Asia, Mideast - Bloomberg
Commerzbank AG is talking to sovereign wealth funds about becoming an anchor investor to shore up its defenses against any opportunistic takeover bid and preserve its independence, people familiar with the matter said.
Commerzbank Chief Executive Officer Manfred Knof has approached state-backed funds from Asia and the Middle East in recent weeks to gauge their interest in buying a stake of up to 9.9%, said the people. The bank sees an opportunity to speak with investors as it has recently unveiled a new strategy and its share price is up, they said.
The overtures come amid a German fiscal crisis that’s left the government seeking to plug a hole of some €17 billion in next year’s budget. Germany is Commerzbank’s largest shareholder with a stake of almost 16%, according to data compiled by Bloomberg.
Banking consolidation in Europe has accelerated over the past three years with in-market combinations in Italy, Spain and more recently in Switzerland with UBS Group AG’s rescue of Credit Suisse Group AG.
Commerzbank shares rose 0.5% to €11.30 to 4:46 p.m., erasing a drop of as much as 0.7%.
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