Deutsche Bank’s Top Shareholder Cashes In: $279 Million Share Sale Ahead of U.S. Election
Daniel Kim Views
According to a Bloomberg report on Monday, Deutsche Bank’s largest shareholder has proposed to sell approximately 16 million shares. The shares are expected to be sold for €16.01 ($17.46) per share, which would generate around €256 million (approximately $279 million) in total.
This sale comes as Deutsche Bank’s stock has risen over 30% this year. Since early September, many shareholders have sought to capitalize on high stock prices, pushing the value of transactions up to nearly $11 billion. This sell-off has occurred just ahead of the U.S. presidential election and earnings season, with several European companies joining the trend.
The wave of selling has extended to other financial institutions, including Commerzbank, the National Bank of Greece, and Santander Bank Polska. Deutsche Bank’s Chief Financial Officer, James von Moltke, addressed the situation, stating that the bank has decided not to engage in the bidding war for Commerzbank, following a voluntary approach made by competitor UniCredit SpA.
Goldman Sachs is reportedly managing the sale of Deutsche Bank shares.
Most Commented