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Date 24/10/2000
Companies COMMERZBANK - BANCO SANTANDER CENTRAL HISPANO -
Subject BSCH not to increase stake in Commerzbank
 
  BSCH & Commerzbank have ended their talks for the second, and possibly last time with respect to BSCH increasing its stake in Commerzbank and sale of BSCH owned Finance House CC Bank Monchengladbach to Commerzbank. The concept first discussed in the first half of this year and the subject of intermittent detailed negotiation since August are understood to have failed over the valuation of CC Bank.


All sources suggest that BSCH had set an absolute minimum of E800m for the sale price of CC in the negotiations. Sources differ as to whether Commerzbank ceiling price was E600m or E670m. E800m would represent 25 times earnings and 7 times book. Whilst CC Bank is said to have a clean book and to be growing well this level of asking price is enough to call into question how much BSCH really wanted to sell CC Bank. Another factor is that the Commerzbank share price has been riding relatively high as a result of take-over speculation. If this speculation finally dies down, the share price is likely to fall. As the point of the negotiations was for the CC Bank price to be taken in the form of stock then it is likely BSCH was building in a substantial allowance for such a fall.

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