Germany did not block SWF bid for Dresdner Bank
Posted by Editor on September 16, 2008 at 09:52 AM
Financial News reports (subscription required) that, “The German Government took a neutral stance during the acquisition of Dresdner Bank and, contrary to rumour, did not rule out its purchase by a sovereign wealth fund, according to Martin Blessing, the chief executive of Commerzbank.”
Beijing's caution scuppered CDB's Dresdner bid
Posted by Editor on September 05, 2008 at 02:44 AM
The Financial Times reports that, “China Development Bank's [CDB] plan to bid for Dresdner Bank in Germany failed in large part because Chinese leaders refused to agree to the deal in time, in a sign of Beijing's increasingly cautious attitude to investments in western financial institutions.”
German union open to Chinese ownership of Dresdner
Posted by Editor on August 27, 2008 at 01:09 PM
Thomson Reuters reports that, “German services trade union Verdi is open in principle to a takeover of Dresdner Bank by China Development Bank (CDB), it said on Wednesday.”
The article quotes a union spokesperson as saying that, “The main thing for us is jobs preservation. Any plan that eliminates jobs is for us a bad plan.”
The article is based on an article (German language) (subscription required) published today by the Frankfurter Allgemeine Zeitung (FAZ).
The FAZ today published also a backgrounder (German language) on the CDB.
CDB eyeing Dresdner Bank
Posted by Editor on August 05, 2008 at 01:50 AM
Bloomberg reports that, “China Development Bank [CDB] is competing with Commerzbank AG to buy Allianz SE’s Dresdner Bank, Germany’s third-largest lender by assets, three people familiar with the matter said.”
China sovereign fund denies report on plan to buy Dresdner Bank
Posted by Editor on March 27, 2008 at 10:38 AM
Dow Jones reports that, “China’s $200-billion sovereign wealth fund Thursday denied a newspaper report saying that the fund is in talks to buy Allianz SE’s Dresdner Bank unit. … A press officer at CIC told Dow Jones Newswires that the report is untrue. ‘There’s no such thing,’ the officer said.”
China Investment Corp. in 'intensive talks' to buy whole of Dresdner Bank from Allianz
Posted by Editor on March 27, 2008 at 07:53 AM
Reuters writes that, “China sovereign wealth fund China Investment Corp (CIC) is in ‘intensive talks’ to buy the whole of Allianz’s Dresdner Bank, a German newspaper [the Sueddeutsche Zeitung (SZ)] reported on Thursday, citing industry sources.”
Here is the SZ article (German language).
The SZ article says that the attempt by the Chinese to buy Dresdner would be a “Politikum,” which means “political hot potato.” This is certainly an understatement.