Freshfields leads on €2.79bn Deutsche Bank deal
Freshfields Bruckhaus Deringer has taken the top role on the latest German banking mega-deal, advising Deutsche Post on the sale of a 29.75% stake in Postbank to Deutsche Bank for €2.79bn (£2.22bn). The magic circle firm's German arm advised on the deal, which closed today (12 September).
September 12, 2008 at 10:35 AM
2 minute read
Freshfields Bruckhaus Deringer has taken the top role on the latest German banking mega-deal, advising Deutsche Post on the sale of a 29.75% stake in Postbank to Deutsche Bank for €2.79bn (£2.22bn).
The magic circle firm's German arm advised on the deal, which closed today (12 September).
Freshfields partners from two German offices were involved on the deal, including Hamburg-based Marius Berenbrok, who heads the corporate group in Germany and the CEE, and Cologne-based partners Matthias-Gabriel Kremer and and Stephan Eilers – the former global co-chair of the financial institutions group, and the former global head of the international tax group respectively.
Deutsche Bank will pay €57.25 (£45.60) per share for the minority stake in the acquisition, which is subject to approval by regulatory and antitrust authorities and the German Government and will close in the first quarter of 2009.
Deutsche Bank's regular corporate adviser is Slaughter and May's German ally Hengeler Mueller.
The deal follows insurance giant Allianz's €9.8bn (£7.9bn) sale of Dresdner Bank to German rival Commerzbank earlier this month – Germany's largest banking takeover in recent years.
New York leaders Shearman & Sterling and Sullivan & Cromwell bagged the top roles on the deal. Shearman advised Allianz on the deal fielding a team including Duesseldorf-based co-managing partner Georg Thoma, while Sullivan acted for Commerzbank with the firm's Frankfurt office taking the lead role.
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