Deutsche Bank has said that the voluntary public takeover offer for all shares in Deutsche Postbank will be concluded with the purchase of at least 21.48% of Postbank stock, thereby becoming a major shareholder in Postbank.
Postbank shareholders have handed over a total of at least 47 million shares at EUR25 per share for purchase to Deutsche Bank as of 26 November 2010.
Following a resale of Postbank shares Deutsche Bank will initially hold 49.95% of the stock in Postbank until the transaction is approved for US anti-trust purposes.
Deutsche Bank chairman of the management board Josef Ackermann said Deutsche Bank will consolidate Postbank by the end of this year as planned. In the future, Deutsche Bank Group will have more stable revenues and a more balanced earnings mix.
Deutsche Bank management board and head of Private & Business Clients Rainer Neske said together with Postbank, Deutsche Bank will be the leader in Germany’s retail banking business and build on a leading position in Europe. Postbank will remain an independent brand.