Via Reuters:
FRANKFURT, Aug 29 (Reuters) - Allianz has agreed in principle to sell its Dresdner Bank unit to Commerzbank, a source familiar with the situation said on Friday. Commerzbank plans to take an initial 51 percent stake in Dresdner, then buy the remaining 49 percent at a later stage, the source said. Commerzbank had no comment. Allianz was not immediately available.
Talks between Allianz and CBK have been ongoing for some time now. Rumours were floating around earlier this week that the deal was being inked this weekend. Those gained a little credence when it emerged that Commerzbank’s supervisory board had scheduled a meeting on Sunday.
JPM Analysts gave a breakdown of what they thought the likely deal structure would be yesterday: a cash and share offer involving a €2bn rights issue in the new group, €2.5bn from asset sales and €1.1bn in new debt issue.
Related links
Allianz ready to off load Dresdner for £7bn - FT
