Commerzbank (CRZBY.PK) said on Sunday that it would acquire Allianz's (AZ: Quote) Dresdner Bank for EUR 9.8 billion. The deal entitled Allianz to receive about EUR 8.8 billion for the sale of 100% of Dresdner Bank AG and about EUR 975 million into a trust solution for specific ABS assets of Dresdner Bank.
The transaction, which would occur in two steps, is expected to be completed by the end of 2009. Under the deal, Commerzbank would pay about EUR 1.6 billion in cash and remainder in shares.
Following the transaction, the combined company plans to eliminate about 9 thousand full-time positions. The transaction is also expected to result in synergies of about EUR 5 billion.
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by RTT Staff Writer
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