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Banking city of Frankfurt am Main
Photo: Frank Rumpenhorst / dpa
At Deutsche Bank and Commerzbank, more major investors say goodbye after the partial withdrawal of the US hedge fund Cerberus.
Investment banks have been offering around 116 million Deutsche Bank shares and 72.5 million Commerzbank shares since Monday evening on behalf of unnamed institutional investors, as one of the commissioned institutions announced.
This corresponds to blocks of shares of 5.6 percent in Deutsche Bank and 5.8 percent in Commerzbank.
At the Xetra closing price on Monday, these have a value of 1.38 billion (Deutsche Bank) and 508 million euros (Commerzbank).
Stocks are down significantly in after-hours trading
As a result, Deutsche Bank shares came under significant pressure on the Tradegate trading platform and were listed around 5.1 percent lower than at the end of the main Xetra transaction.
The Commerzbank papers fell by 3.4 percent.
The only shareholders who have reported holdings in the two major German banks of this magnitude are the US fund companies Blackrock and Capital Group, the initiator of the EuroPacific Growth Fund.
They each held a good five percent.
However, Blackrock's capital is predominantly in exchange-traded funds (ETFs), whose investments are linked to major stock market indices.
Capital Group is an investment company based in Los Angeles.
With almost two trillion dollars in assets under management, it is one of the world's largest investors and describes itself as having a long-term focus.
It has 29 offices worldwide in North and South America, Asia and Europe.
It has also had a sales office in Frankfurt since 2015.
The Americans are also among the major shareholders at CommerzbankCBKG.DE with a stake of more than five percent.
Cerberus owns less than 3 percent of Coba and Deutsche Bank
At the beginning of the year, Cerberus had turned large parts of its Deutsche and Commerzbank shares into cash and now holds less than three percent of both banks, based on official voting rights notifications.
According to insiders, the hedge fund had bet on a merger - a bet that didn't work out.
The big merger between the two houses, which was talked about at times, did not materialize, nor was there a merger with a foreign bank.
rei/Reuters
