Commerzbank to acquire block of comdirect shares from Petrus Advisers

Maria Nikolova

Once the transaction has been completed, Commerzbank will hold over 90% of the shares of comdirect.

Commerzbank AG (ETR:CBK) today announces that it will acquire an equity stake in comdirect bank from institutional investor Petrus Advisers Ltd. through its subsidiary Commerzbank Inlandsbanken Holding GmbH. The purchase price has not been disclosed.

Once the transaction has been completed, Commerzbank will hold over 90% of the shares of comdirect. This means that Commerzbank has reached the required investment threshold for the merger of comdirect into Commerzbank by means of a squeeze-out under merger law. Under the squeeze-out, comdirect shareholders will receive a cash compensation for their shares.

Martin Zielke, Chairman of the Board of Managing Directors of Commerzbank, commented:

“With the increase of our comdirect stake, we have laid the basis for a swift merger of comdirect into Commerzbank. This is an important step to quickly and efficiently execute the integration of our successful direct banking subsidiary and realise significant synergies. This is a key component of our Commerzbank 5.0 strategy. With our strong multi-channel bank we will offer comdirect’s excellent brokerage services to all Commerzbank customers.”

Under the terms of the offer published in October 2019, Commerzbank is offering comdirect’s shareholders EUR11.44 per share in cash. This corresponds to a 25% premium on the Xetra closing price of the comdirect share on September 19, 2019.

Read this next

Institutional FX

Euronext’s FX volume takes yet another step back in July

Pan-European exchange, Euronext has reported a 7.6 percent drop in the average daily volume on its spot foreign exchange market. The ADV figure stood at $21.4 billion in July 2022, which is down from June’s $23.1 billion.

Executive Moves

IG Group strengthens institutional sales with appointment of Glen Hastings

IG Group, Europe’s largest online trading platform, has onboarded Glen Hastings to the role of its institutional sales manager. He joins the FCA-regulated broker with immediate effect, based out of its offices in London.

Digital Assets

Voyager customers can withdraw up to $100K in cash via ACH transfer

Following approval of the bankruptcy judge, cryptocurrency brokerage firm Voyager plans to return $270 million in customer cash. The amount represents a small portion of investors’ crypto holding that have been locked up since the company filed for bankruptcy in April.

Retail FX

Britain’s lifeboat system to conclude LCG compensation scheme

Britain’s Financial Services Compensation Scheme (FSCS) said today it’s preparing to close the compensation scheme of the collapsed mini-bond provider, London Capital & Finance.

Uncategorized

Robinhood parts ways with its first CPO Aparna Chennapragada

In what apparently part of the restructuring it announced last month, Robinhood is parting ways with its Chief Product Officer Aparna Chennapragada. However, she’ll remain employed in an advisory role to the CEO through January 2023.

Digital Assets

Crypto.com expands regulatory footprint with new licence in South Korea

Crypto.com has acquired payment service provider ‘PnLink Co., Ltd.’ and virtual asset service provider ‘OK-BIT Co., Ltd.’ The move effectively provides a regulatory stamp for the company’s digital assets and cryptocurrencies business in South Korea.

Metaverse Gaming NFT

Why NFT Technology Could be the Much Needed Solution to Crypto Inheritance 

The digital asset market may have started with Bitcoin’s humble beginning but its fortunes have changed over the past decade.

Industry News

Kohle Capital Markets expands CFDs lineup to 200+ stocks

Kohle Capital Markets (KCM), the leading international provider of online trading, has once again expanded its contracts-for-difference (CFDs) offering, this time with the addition of new products on its trading platform.

Industry News

Kohle Capital Markets continues CSR initiatives with donation of art piece to Lions Club International

Global brokerage firm Kohle Capital Markets (KCM) is taking its corporate social responsibility very seriously and continues to navigate the challenging period brought forth by the pandemic and Russia-Ukraine war.

<