Deutsche Bank has sold its 9.3 per cent stake (10.4 million shares) in Deutsche Brse AG.
The shares, valued at approximately Euros 360 million, were placed today with institutional investors. The sale was heavily oversubscribed. Most of the proceeds from the sale will be reported as capital gains. The sale price of Euro 34.50 per share included a discount of 1 per cent on the Xetra closing price on Wednesday.
The transaction is not thought to imply any particular view on the future shape of the European clearing and settlement infrastructure. Rather, it continues Deutsche Banks strategy of divesting itself of holdings in listed companies. Josef Ackermann, Chairman of the Group Executive Committee of Deutsche Bank, explained: “Although Deutsche Bank will no longer be a shareholder in Deutsche Brse, we will remain an important customer of the exchange and look forward to continuing our traditionally close relationship.”