Hypo to buy Depfa Bank for €5.7bn

Hypo Real Estate on Monday agreed to buy Depfa Bank for €5.7bn ($7.9bn) in cash and shares in Germany’s biggest domestic financial services merger since insurer Allianz bought Dresdner Bank in 2001. The agreed deal would bring together one of Germany’s biggest property lenders and the leading lender to the public sector. The combined group will have a market value of about €10bn. Depfa, which will continue to operate under its own brand, is registered in Ireland but remains listed in Germany.

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