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Date 22/09/2000
Companies BANCO SANTANDER CENTRAL HISPANO - COMMERZBANK -
Subject Commerzbank & BSCH cannot agree on CC bank price
 
  The plans for part of the capital increase needed by Commerzbank to be taken up by Banco Santander Central Hispano could fail because of a disagreement over the price of CC-Bank, Monchengladbach. The plan had been for Commerzbank to gain the finance house in part or full payment for the additional shares taken by BSCH. BSCH was to have increased its shareholding from approximately 5% to 10%. However on Friday Martin Kohlhaussen said, on the record, that the two banks could not agree a value for the bank.


The share issue was intended by Commerzbank to meet two ends. It gave the bank some additional funding, possibly for acquisition and to meet changed US regulations. Secondly to dilute the influence of Cobra Beteiligungsgesellschaft, the investment holding company that has tried to force changes in policy on the Commerzbank management.


Separately, Commerzbank let it be known that they were interested in spending around $1bn on a US fund manager. This may be because the capital increase has been criticised by other shareholders and analysts and the bank wanted to talk about something they thought the group might consider 'sexy'. Any such move presumably depends on Commerzbank placing the rest of the proposed issue somewhere. Generali has agreed to increase its stake from 5 to 10%.
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