Plus   Neg

Commerzbank Reportedly In Talks To Buy Petrus's Stake In Comdirect

Commerzbank AG (CRZBY.PK) is in advanced talks to buy an activist fund's stake in its online broker Comdirect Bank AG, Bloomberg reported citing people familiar with the matter.

Commerzbank could announce a deal to acquire Petrus Advisers' 7.5% stake in the coming days, reaching a deal after the activist fund criticized its previous offer as too low, the report said.

But, no final decisions have been taken and the talks could falter, the report added.

The report noted that the move would increase Commerzbank's holding in the online broker to around 90% and mark its second attempt in the past few months to take full control of the subsidiary. The bank's initial approach to buy out Comdirect's minority shareholders failed three weeks ago after too few investors agreed to sell.

In September, Commerzbank announced a voluntary offer of 11.44 euros per share for the outstanding 18% in its online bank. But the move was blocked as Petrus Advisers Ltd. amassed shares and demanded a higher price.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT