Deutsche Bank sells its remaining stake in Daimler
By Andrew C., 30 Aug, 2010. 0 Comments
Included in one of the final steps in unwinding ‚ÄúGermany Inc.,‚Äù a system of cross-shareholdings in Europe ‚ largest economy, is the move of Deutsche Bank to sell its remaining stake in Daimler. Reuters reports that the bank had reported a gain of EUR110m (US$163.2m) from divesting the Daimler shares in the third quarter.
If you’re not familiar with this system, it is said that about 60 of the top 100 biggest companies in Germany are part of this shareholding network. This was established to help protect German companies from foreign takeover and provide support in the event of large-scale bankruptcies. At the center of this group was Germany 's largest bank Deutsche and insurer Allianz. Incidentally, the bank has gradually reduced its Daimler stake over the past two years and had already sold its holdings in Allianz and industrial gas producer Linde.
[via just-auto]
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