Deutsche Bank seals latest major German banking deal
Deutsche Bank struck a deal Friday to buy a stake in Germany's largest retail bank Postbank for 2.79 billion euros (3.93 billion dollars) in the country's latest major banking deal.
Deutsche Post, Germany's former postal monopoly, has agreed to sell to Deutsche Bank a 29.75 percent stake in Postbank at 57.25 euros per share in cash, a joint statement said.
It also agreed to grant Deutsche Bank an option to buy a remaining 18.0 percent in Postbank for 55 euros per share, the statement said following a meeting of Deutsche Post's supervisory board at the firm's Bonn headquarters.
Once Deutsche Bank's stake goes over 30 percent, it will be obliged to make an offer for all remaining shares listed on Germany's blue chip DAX 30 index.
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