Six weeks of merger talks between Dresdner Bank and Commerzbank have reportedly collapsed, ending efforts to create what would have been Germany’s No. 2 bank.
The banks could not agree on synergies that would be achieved through the merger, according to two, separate statements. According to an Associated Press report, The Handelsblatt business newspaper said that the chief executives of both banks met Tuesday with the head of the Allianz insurance company, which holds 22 percent of Dresdner’s shares.
It said Dresdner and Allianz made clear to Commerzbank that the larger Dresdner would need to have a 60 percent controlling interest in the merged entity. It was then that the talks collapsed, creating the second embarrassing merger failure for Dresdner this year.
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