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  • 1. Data: 2004-02-06 10:55:21
    Temat: Citi nie przejmie DB?
    Od: Michał 'Amra' Macierzyński <m...@p...pl>

    No to moze teraz kolej na HVB albo Commerzbank?
    Po ostatnich zmianach sa dosyc latwym celem do przejecia - albo sie same
    polacza albo....
    Na uwage zwraca fakt, ze na 10 najwiekszych bankow w Niemczech tylko 4 sa
    prywatne...

    Deutsche breaks off talks with Citigroup
    By Patrick Jenkins in Frankfurt and Charles Pretzlik in London

    Deutsche Bank has broken off exploratory takeover talks with Citigroup after
    Josef Ackermann, Deutsche's chief executive, decided that an acquisition of
    Germany's biggest bank by a US rival would be too politically controversial,
    according to people close to the discussions.


    The discussions culminated in a meeting in New York last month, at which top
    Citigroup management met senior Deutsche executives including Mr Ackermann
    and Michael Cohrs, global head of corporate finance.

    Speculation about a deal has circulated for months, after it emerged that
    Citigroup had asked Gerhard Schroder, Germany's chancellor, if his
    government would block a takeover of Deutsche.

    Deutsche executives said Mr Schröder was one of the architects of the
    proposed deal - although that support could never be public - which he saw
    as way to force through badly needed consolidation in German banking. "It
    would allow him to say to the rest of the German banking sector, 'I told you
    so, you need to merge domestically if you are going to see off the threat of
    foreign takeovers'," said one executive.

    A Deutsche Bank supervisory board meeting on Wednesday was told of several
    "transformational deal" options open to Deutsche, including a takeover by
    Citigroup, according to people close to the group.

    Initial talks between Deutsche and Citigroup took place last summer and
    resumed last month. But a deal faced formidable obstacles, including
    Citigroup's wariness about a big German bank deal and the fact that Mr
    Ackermann is facing criminal charges of breach of fiduciary duty while a
    non-executive director of the Mannesmann telecommunications group.

    People familiar with Citigroup's strategy point out that it is already the
    most profitable bank in Germany and can easily expand its corporate business
    without an acquisition. Buying Deutsche would require heavy job losses to
    reduce overlap and cut costs in the German retail operation, which would be
    politically sensitive.

    Moreover, Citigroup has made clear that it sees more exciting growth
    prospects in the US, India and China, where yesterday it launched a new
    dual-currency credit card in partnership with a local bank.

    German politicians have repeatedly urged the country's private-sector banks
    to merge to create stronger groups in an attempt to protect credit lines to
    small and medium-sized businesses that make up three-quarters of the Germany
    economy.

    Mr Ackermann has been lambasted in the German press in recent weeks for his
    "arrogance" during the Mannesmann trial, particularly for a V-for-victory
    sign he made briefly just before the hearing began.


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