Deutsche Post has sold a 29.75% stake in its banking arm Deutsche Postbank to Deutsche Bank for 2.79bn euros ($3.9bn; Ј2.2bn).
Worth 57.25 euros a share - the offer is at a premium to Postbank's current share price, which was trading at around 46.8bn euros earlier.
Shares in Postbank sank Germany's Commerzbank Agrees to Buy Dresdner ...
Chinese border attack 'kills 16' ...
Bank Merger Speculation Abounds as Market Pressure Continues ...
France's Credit Mutuel buys Deutsche Citibank ...
Sweden Fails to Pass Sweeping Surveillance Bill ... almost 5% after the announcement, while shares in Deutsche Post climbed more than 3%.
The deal ends weeks of speculation about the future of Postbank.
There had been reports that Spain's Santander was interested in making a bid.
It is thought Deutsche Bank did not have the cash to make an offer for all of Deutsche Post's sharess in Postbank.
As part of the deal, the firm - Germany biggest lender by assets - has secured the option to buy an additional 18% of Postbank for 55 euros at a later date.
It said it will need to raise 2bn euros through a share placing to fund the initial acquisition.
(BBC)
<< Back