Media reports said the supervisory boards of both Commerzbank and Allianz will meet this weekend to finalize the deal even though China Development Bank has now submitted a higher, all-cash offer.
A merger deal between Dresdner and Commerzbank could price around €9 billion ($13.3 billion) and would create the country's third-largest bank with a branch network of nearly 2,000 and more than €1 trillion in assets.
- Andrew Bulkeley
Also see:
TheDeal.com's: Allianz nears sale of Dresdner
TheDeal.com's :Dresdner losses may thwart sale
It seems German insurer Allianz SE could be days away from a deal for its Dresdner Bank unit. Analysts are predicting it will sell to Commerzbank AG rather than accept a reportedly higher but politically risky offer from China Development Bank.
