The German Federal Cartel Office clears three different mergers involving six of the largest German banks (Deutsche Bank / Deutsche Postbank, Commerzbank / DresdnerBank / (Allianz) and DZ Bank / WGZ Bank)

Background Against the background of increasing global financial turmoil, three major concentrations involving six large German banks (as well as the largest German insurance company) were submitted to the German Federal Cartel Office (Bundeskartellamt - FCO) for clearance between November 2008 and February 2009. The first transaction related to the acquisition of sole control over Deutsche Postbank AG (Postbank) by Deutsche Bank AG (Deutsche Bank). This would occur in a two-step acquisition procedure resulting in a shareholding of over 50%, sole control by Deutsche Bank being obtained by the end of 2012, after conversion of special bonds. Initially notified to the European Commission, the case was referred to the German competition authority in February 2009 because of the strong

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Authors

  • Blomstein
  • Freshfields Bruckhaus Deringer (Berlin)

Quotation

Max Klasse, Bertrand Guerin, The German Federal Cartel Office clears three different mergers involving six of the largest German banks (Deutsche Bank / Deutsche Postbank, Commerzbank / DresdnerBank / (Allianz) and DZ Bank / WGZ Bank), 18 February 2009, e-Competitions Bulletin Collective dominance, Art. N° 26222

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