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Date 30/08/2000
Companies COMMERZBANK - BANCO SANTANDER CENTRAL HISPANO -
Subject BSCH & Generali to increase stakes in Commerzbank
 
  Commerzbank has been successful in its negotiations with 'friends' to increase their stake. BSCH & Generali will both increase their stakes from around 5 to 10%. It is still possible that other friendly shareholders will join in.


Commerzbank intend to use a rights issue to deliver the new capital. The moves were all started because of the power that Cobra Beteiligungsgesellschaft attempted to wield from its 17% holding in Commerzbank. Cobra were not pleased by the move, especially the plan for a rights issue which would dilute their shareholding and their earnings. Earlier this weak it was confirmed that Cobra had employed Donaldson, Lufkin & Jenrette to help them sell their stake in Commerzbank. Cobra are known to have approached nearly all of the major European banks in an attempt to sell their stake directly without success.
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