Commerzbank to take stake in CL

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The Independent Online
GERMANY'S COMMERZBANK yesterday said that its management board had agreed to accept the French government's offer of a 4 per cent stake in the planned privatisation of Credit Lyonnais. Martin Kohlhaussen, Commerzbank's chief executive, said the two banks planned to co-operate on operations in France, Germany and internationally, with the possibility of pulling CL into Commerzbank's existing network.

The bank expects to pay about 350m euros for the stake. The shares are expected to be priced at between 22.5 euros ($23.54) and 26.2 euros each in the initial offering of about 80 per cent of the company.