germany not ready to sell commerzbank stake
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Germany 'not ready' to sell Commerzbank stake

Arab Today, arab today

Arab Today, arab today Germany 'not ready' to sell Commerzbank stake

Germany bought its Commerzbank stake in 2009 as part of a rescue bid during the financial crisis.
Frankfurt am Main - Arab Today

Berlin has no plans to sell its stake in Commerzbank, an anonymous government source told newspaper Die Welt Thursday, belying reports a merger could be on the cards for Germany's second-biggest lender.

"We are absolutely not planning to sell. The losses would be too high," the unnamed person told the conservative daily.

Citing financial industry sources, Die Welt added that the government hopes to bring in 3.5 billion euros ($4.2 billion) when it eventually cashes out its 15.6-percent stake.

Commerzbank shares have roughly doubled in value over the past year but a sale at current prices would still represent a loss for the German taxpayer. The stock needs to make a fresh bound of more than 50 percent, to around 18 euros, for the state to make a profit.

The shares lost 0.2 percent to trade at 11.68 euros in Frankfurt around 1200 GMT, slightly underperforming the DAX index of German blue-chip firms.

Chancellor Angela Merkel's government bought its Commerzbank stake in 2009 as part of a rescue bid during the financial crisis, and remains the lender's largest shareholder.

Finance Minister Wolfgang Schaeuble told media last month the government did not intend to remain a shareholder indefinitely.

His comments sparked off a flurry of media reports about interest in the Frankfurt institution by foreign banks, with mooted buyers including France's BNP Paribas and Credit Agricole and Italy's Unicredit.

But Unicredit is in the throes of a restructuring and has ruled out takeovers, while BNP chief executive Jean Lemierre said earlier this month he is hunting for targets within France's borders.

Credit Agricole boss Philippe Brassac told business paper Handelsblatt only that his bank might "examine" a move on Commerzbank if the shares were up for sale.

Meanwhile, Berlin was rumoured last year to favour a merger with Deutsche Bank, but an arduous restructuring and anaemic profitability mean Germany's biggest lender lacks the strength for a takeover bid at present.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

germany not ready to sell commerzbank stake germany not ready to sell commerzbank stake

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

germany not ready to sell commerzbank stake germany not ready to sell commerzbank stake

 



GMT 12:11 2017 Thursday ,27 July

Tony Baroud to present new TV show

GMT 23:00 2017 Monday ,16 October

Egypt FM to head for Slovenia on Monday

GMT 20:06 2017 Friday ,20 January

Daesh in new demolitions at Syria’s Palmyra

GMT 21:06 2017 Friday ,24 November

Marriyum condemns Hayatabad terrorists attack

GMT 01:00 2017 Saturday ,25 November

Cabinet Affairs Minister Meets Indonesian Ambassador

GMT 02:34 2018 Thursday ,04 January

Merger creates state-owned gas giant

GMT 10:08 2017 Tuesday ,07 March

Geneva farce: The regime is the opposition

GMT 10:19 2017 Saturday ,18 November

AJK Prime Minister condemns across LoC shelling

GMT 11:34 2017 Wednesday ,22 March

33 Syrians killed in Air raid on Raqqa’s school

GMT 11:03 2017 Wednesday ,01 March

Asala declares her solidarity with George Wassouf

GMT 17:57 2017 Wednesday ,11 October

Mideast nations turn to private sector

GMT 14:11 2016 Wednesday ,30 November

Tunisia wins billion-dollar pledges to boost economy

GMT 23:41 2017 Tuesday ,26 September

Qatar laborer ‘sacked’ after speaking to UN team

GMT 04:28 2017 Tuesday ,21 March

Enrique Iglesias to headline Bahrain F1
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday