Although ongoing loses at Dresdner Bank AG were thought to stymie Allianz SE's sales efforts earlier in the month, Commerzbank AG remains undeterred in its interests in Dresdner, according to a Reuters report. Commerzbank is reportedly preparing to call a supervisory board meeting late next week to discuss a possible offer, a Reuters source has said.
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On Aug. 7, Frankfurt-based Dresdner said it slipped to an operating loss of €566
million ($867 million) in the second quarter. At the time, it was thought the earnings announcement would likely sour its
prospects with potential suitors.
Commerzbank reportedly has been in discussions with insurer Allianz about buying Dresdner since June.
Munich-based Allianz acquired
Dresdner seven years ago for €24 billion in hopes of cross-selling
insurance policies and banking products. But no meaningful
cross-selling possibilities appeared, and the insurer is now expected to
sell the bank for no more than €8 billion.
Despite Dresdner's fall from grace under Allianz ownership, a Commerzbank and Dresdner combination could create a competent rival to Germany's leading bank Deutsche Bank. - Gerald Magpily
See story from Reuters
