U.S. investor Cerberus, a major shareholder in both Deutsche Bank and Commerzban...
FRANKFURT - U.S. investor Cerberus, a major shareholder in both Deutsche Bank and Commerzbank, is open to a merger between Germany’s two biggest lenders, a person familiar with the matter said on Wednesday, raising the chances of a tie-up.
Speculation of a merger has heightened under the tenure of Finance Minister Olaf Scholz, who has spoken in favor of strong banks. Both banks have been slow to return to sustainable profitability since the global financial crisis. Cerberus holds 3 percent of Deutsche Bank shares and 5 percent of Commerzbank shares, and was previously opposed to a merger, German newspaper Handelsblatt reported on Tuesday.
Based on Tuesday’s closing prices, a combination of Deutsche Bank and Commerzbank would have an equity market value of almost 25 billion euros.
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