Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

French presidential election: Over 40% remain undecided

Read more

EYE ON AFRICA

ICC orders Congo warlord germain Katanga to pay victims

Read more

MEDIAWATCH

Trumpcare Falls Before First Hurdle

Read more

THE WORLD THIS WEEK

Westminster Attack, Abadi in Washington (part 1)

Read more

THE WORLD THIS WEEK

Obamacare, Europe's Unholy Alliances, Martin McGuinness (part 2)

Read more

INSIDE THE AMERICAS

Export bans hit Brazil amid tainted meat scandal

Read more

#TECH 24

Inside Netflix's war room

Read more

FOCUS

French Catholic voters remain faithful to scandal-hit Fillon

Read more

PEOPLE & PROFIT

Growing ambitions: The forces driving India's economy

Read more

Business

Commerzbank agrees to partial nationalisation

Latest update : 2009-05-18

Shareholders of the second-biggest banking group in Germany, Commerzbank, have approved almost unanimously the goverment acquisition of 25 percent of the bank in order to have enough cash to face the financial crisis.

AFP - Commerzbank shareholders on Saturday approved the German government's acquisition of more than 25 percent of the country's second-largest bank in connection with state aid, the bank said.
  
The government has injected more than 18 billion euros (24 billion dollars) into Commerzbank and its entry into the bank's capital was adopted almost unanimously, the company said in a statement.
  
A two-thirds vote was required for the 25 percent plus one share stake.
  
The bank would issue 295 million new shares at a price of six euros per share, the statement said.
  
The new shares would be acquired by the Financial Market Stabilisation Fund (SoFFin) -- the government's rescue fund -- at issue price, said the statement.
  
Now "Commerzbank is weatherproof and will implement its new strategy without delay," said Commerzbank's chairman Martin Blessing.
  
Earlier this month, Commerzbank reported a sharp quarterly loss because of the financial crisis and its purchase of Dresdner Bank, but said it would recover by 2011 without more state aid.

Date created : 2009-05-17

COMMENT(S)