ING takes control of German bank
Saturday 14 August 1999
The deal is the biggest-ever foreign takeover of a German bank. ING is to pay 45 euro per share, giving shareholders a premium of nearly 32 per cent to the closing share price on Thursday night.
ING, which bought Barings after its crash more than five years ago, is seeking to build a pan-European position in asset management and corporate finance, particularly in the small and medium-sized business sector, where it is believed the adoption of the euro will force more cross-border merger activity. ING has been stalking Credit Commercial de France, which owns the city merchant bank Charterhouse. It has built an 18 per cent stake in the French bank, but its plan to bid for control has come up against resistance from the French government.
Analysts expressed surprise at ING's latest move. They said that ING had played down the possibility of a full bid for BHF when it bought the original 34.5 per cent stake in September. ING said yesterday it will finance the bid from its own resources.
Analysts said BHF, which is relatively small compared with larger rivals in Germany such as Deutscher or Commerz Bank, was unlikely to satisfy ING's ambitions for that country.
- 1 Rape threats, death threats and a police investigation after video poking fun at an Islamic Party in Malaysia goes viral
- 2 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 3 Gamers confess the worst things they've done in The Sims
- 4 6-year-old writes ice cold Valentine's card to his stepmother
- 5 Syrian child photographed 'surrendering to camera because she thought it was a gun'
Rape threats, death threats and a police investigation after video poking fun at an Islamic Party in Malaysia goes viral
Why Robin Williams safeguarded himself against a morbid trend in advertising
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
6-year-old writes ice cold Valentine's card to his stepmother
Jeremy Clarkson to become 'special adviser on transport' to David Cameron
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
Katie Hopkins reported to the police for race hatred by Labour MP Simon Danczuk after tweet about Pakistani men
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...