|
Deutsche ready to buy BT
|
 |
November 23, 1998: 10:24 a.m. ET
Banks awaiting final board approvals of potential $9.7B merger
|
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."
|
|
|
|
|
 |
|
