(Repeats Sept 12 story to additional Reuters codes)
* To bid for Deutsche Postbank at 24-25 euros per share
* Deutsche Bank to launch share buyback
* Deutsche to revalue existing 30 pct Postbank stake
* To take 2.4 bln euro charge in Q3
(Adds detail, CEO statement)
By Edward Taylor
FRANKFURT, Sept 12 (Reuters) - Deutsche Bank (DBKGn.DE) plans to raise at least 9.8 billion euros ($12.4 billion) to buy the rest of Deutsche Postbank DPBGn.DE, reducing its reliance on investment banking as tough new bank capital rules loom.
Germany’s flagship lender said it intended to offer between 24 euros and 25 euros a share for the remaining 70 percent stake in Postbank, the country’s largest bank by retail customers.
To fund the takeover, Deutsche Bank expects to issue a total of 308.6 million common shares from authorised capital at a preliminary subscription price of around 31.8 euros a share, the bank said in a statement on Sunday.
The capital increase is primarily intended to cover capital consumption from the planned Postbank consolidation, but will “also support the existing capital base to accomodate regulatory changes and business growth,” Deutsche Bank said.
By consolidating Germany’s largest retail bank by customers, Deutsche Bank is able to “significantly enhance Deutsche Bank’s revenue mix.”
Deutsche Bank shares closed at 47.70 euros on Friday after falling by around 5 percent as news of a possible capital increase leaked out. Shares in Postbank closed 4.8 percent higher at 27.03 euros a share. [ID:nN09213248]
Deutsche Bank shareholders will be able to buy one new share for every two they now hold. Subscription rights will start on Sept. 22, the company said.
To consolidate Postbank this year, Deutsche Bank has to revalue its existing 29.95 percent stake. It will take a charge of around 2.4 billion euros in the third quarter, it said.
Deutsche Bank will also launch a share buyback of up to 3.1 million shares between Sept. 13 and Sept. 16.
By raising capital shortly after new bank capital rules are unveiled, Deutsche will be among the first lenders to tap markets ahead of rivals who may also need to raise funds.
Central bankers and regulators were meeting on Sunday to finalise the capital rules. [ID:nLDE68B0BP]
For Deutsche Bank it would mark its largest ever capital increase, and for Germany it could herald the largest share issue since a 11 billion euro issue by Deutsche Telekom in 1999, Thomson Reuters data show.
In September 2008 Deutsche Bank announced it would buy a stake of almost 30 percent in Postbank as a way to gain access to Postbank’s 14 million clients. Former owner Deutsche Post (DPWGn.DE) still has a 39.5 percent Postbank stake. (Editing by Michael Shields and David Holmes) ($1=.7886 Euro)