Post Tagged with: "mergers"
Foreign Press Alert: 2 Sep 2008 – Germany
In Germany, there are two major concerns at the moment The biggest banking merger in Germany’s history involving their #2 and #3 banks and Germany’s largest company Allianz The slowdown in the economy Commerz-DresdnerFirst is the Dresdner-Commerzbank situation. I have reported on this deal twice. See my posts, Commerzbank gobbles up Dresdner and Dresdner Bank:
Commerzbank gobbles up Dresdner
In the biggest German banking merger in history, Commerzbank, the third largest in Germany, has reached an agreement with Allianz to buy its banking subsidiary Dresdner Bank, Germany’s second largest, beating out an alleged better bid from state-owned China Development Bank (CDB). This is an historic merger with wide-reaching implications for the German and European
Dresdner Bank: looking for suitors
In Europe, there has been a lot of talk about Germany’s second largest bank, Dresdner Bank, which is looking to get sold by its parent Allianz. Allianz, which also owns U.S. bond giant PIMCO, has had only trouble with Dresdner since it bought the company at the top of the market in 2000. In a
Bank consolidation and getting positive about the credit crisis
The global economy is gripped by its worst financial crisis since the Great Depression. People are losing their homes and their jobs, banks are going bankrupt, and stock markets in the U.S. and elsewhere have fallen significantly from recent highs. Yet, I am more optimistic than I have been for some time. This may strike
Spain’s BBVA making a push in the US
On the heels of a story about Spanish giant Santander buying Alliance & Leicester in the UK, it comes as good news in the marketplace that another Spanish giant, BBVA (Banco Bilbao Vizcaya Argentaria), is on the prowl as well. After initially focusing on the Hispanic market in the U.S., Spain’s Banco Bilbao Vizcaya Argentaria
Santander buying Alliance & Leicester for £1.3 billion
Banco Santander of Spain is using the down market to snap up some UK assets on the cheap. It has announced the acquisition of Alliance & Leicester, the former building society which demutualised in 1997, for £1.3 billion ($2.6 billion) Despite speculations of other bank mergers in Europe, few have occurred as many European banks
Citi close to selling German unit
The FT reports: Citigroup is close to agreeing a sale of its German retail banking operations to Credit Mutuel for between €3bn and €5bn, after the French bank outbid Deutsche Bank in a close race, according to bankers close to the companies. The deal has not yet been finalised and could still collapse but if
Fortis sells part of ABN Amro to Deutsche
Fortis, the Dutch-Belgian banking giant under pressure to shed assets because of the credit crisis, has disposed of part of its ABN Amro acquisition. Deutsche Bank has acquired the assets for 709 million Euros, according to a report in the Dutch daily NRC Handelsblad. The Belgian-Dutch group Fortis sold parts of ABN Amro in the
Rumour: NAB wants to buy HBOS Australia
This is the latest M&A rumour making the rounds in financial circles. I caught this in Today’s Financial News. And that may be the moment when National Australia Bank (NAB:Australia) makes a formal offer for the Australian branch of HBOS. NAB, the country’s largest bank, has already begun discussing the feasibility of an offer with
More reason BofA is crazy to take on Countrywide
Of all the merger decisions in the banking industry of late, BofA’s decision to back Countrywide Financial is the most risky. The fallout from Countrywide only gets worse day by day. I am astounded that this deal is on track. BofA Shareholders will regret it. Bank of America’s Ken Lewis is trying to crack a
Banks: are mergers in the offing?
Wachovia has hired Goldman Sachs and UBS has hired Wachovia to help each with a ‘strategic review.’ For those in the financial services business, strategic review always means ‘merger options’. Lazard has almost no business except its corporate finance and M&A business, so UBS hiring Lazard especially strikes of a firm seeking merger opportunities. Why
Unscathed Japanese banks on the prowl
Now that it’s come to light that Barclays went hat in hand to Japan to recoup some of the losses from its credit writedowns, one begins to understand that the Japanese banks are in a much better position today than their western counterparts. After years of recovering from their own property and stock market boom