Soffin places Commerzbank shares at 7.00 eur apiece

FRANKFURT Wed May 15, 2013 2:37am EDT

Related Topics

FRANKFURT May 15 (Reuters) - Germany's bank rescue fund Soffin sold shares worth 625 million euros ($811.15 million) in Commerzbank at a price of 7.00 euros apiece, Soffin said on Wednesday.

Soffin will use the proceeds of the share sale to participate in Commerzbank's capital increase.

After the share placement and the capital increase, Soffin's stake in Germany's second biggest lender will be reduced to roughly 17 percent from 25 percent at present.

The placement price was slightly above the theoretical ex-rights price at Tuesday's close of 6.96 euros. The shares had been offered in a price range of 6.60 to 7.00 euros.

Deutsche Bank, Citi, Commerzbank and HSBC organised the share sale. ($1 = 0.7705 euros) (Reporting by Arno Schuetze; editing by Harro ten Wolde)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.