graphic
News > International
Deutsche ready to buy BT
November 23, 1998: 10:24 a.m. ET

Banks awaiting final board approvals of potential $9.7B merger
graphic
graphic graphic
graphic
LONDON (CNNfn) - Deutsche Bank and Bankers Trust confirmed Monday they are close to announcing a takeover by the German group at a price of $93 for each BT share.
     A cash deal is being negotiated, valuing Bankers Trust (BT) at $9.7B, the companies said. It would be the largest-ever takeover of a U.S. bank by an overseas company.
     In a short statement, the companies said conditional approval of the deal has been agreed by senior management at both companies. However, their respective boards are not likely to give a takeover the official seal of approval until they meet on Nov. 29 to thrash out the final details.
     In Frankfurt, Deutsche Bank (FDBK) shares rose 5.1 marks to 112.6 marks, while Bankers Trust (BT) stock was up 9 3/4 to 87 in early New York Stock Exchange tradiing.
     Analysts in London gave the deal a cautious welcome. "Doing the transaction is the easy part," said Salomon Smith Barney analyst Matthew Czepliewicz, although he warned, "the difficulty will be in integrating those pieces…it will be a challenging task, without question."Back to top

  RELATED STORIES

Deutsche, BT deal at hand? - Nov. 22, 1998

BT takeover talks denied - Oct. 26, 1998

  RELATED SITES

Bankers Trust

Deutsche Bank


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.