Deutsche Bank AG / Acquisition
28.10.2009
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Deutsche Bank and Sal. Oppenheim sign framework agreement
FRANKFURT AM MAIN / LUXEMBOURG, 28 October 2009 - Deutsche Bank AG (XETRA:
DBKGn.DE / NYSE: DB) and the owners of Sal. Oppenheim jr. & Cie. S.C.A.
today announced the signing of a framework agreement which will allow
Deutsche Bank to acquire 100 per cent of Sal. Oppenheim Group at a price of
EUR 1.0 billion. The present shareholders in Sal. Oppenheim have the
option of a long-term shareholding of up to 20 percent of the German
subsidiary Sal. Oppenheim jr. & Cie. KGaA based in Cologne.
Sal. Oppenheim's Asset and Wealth Management activities will be maintained
and expanded in the future under the private bank's established brand and
preserve Sal. Oppenheim's identity, values, culture and service quality.
With this transaction, Deutsche Bank strengthens its position among
high-net-worth private clients, especially in Germany.
With the purchase of the Luxembourg-based holding company Sal. Oppenheim
jr. & Cie. S.C.A. all activities of the German subsidiary Sal. Oppenheim
jr. & Cie. KGaA, BHF-BANK AG and the private equity fund of funds business
managed in the separate holding Sal. Oppenheim Private Equity Partners S.A.
(SOPEP) will transfer to Deutsche Bank.
In addition, Deutsche Bank will acquire BHF Asset Servicing GmbH (BAS),
which is held by the Sal. Oppenheim jr. & Cie. S.C.A. shareholders.
Deutsche Bank intends to resell BAS. In the future Sal. Oppenheim will
focus on their core asset and wealth management business. Furthermore,
Deutsche Bank will participate in ongoing talks on a sale of Sal.
Oppenheim's investment banking activities.
The purchase price for the different entities acquired is expected to total
EUR 1.3 billion. Further agreements have been reached with the owners of
Sal. Oppenheim jr. & Cie. S.C.A. that could lead to an increase of the
purchase price contingent upon the future performance of specific risk
positions.
As at 30 June 2009 Sal. Oppenheim Group had approximately EUR 135 billion
in client assets under management (including EUR 5 billion Assets under
Management from SOPEP) and employed approximately 4,400 members of staff.
Deutsche Bank's Private Wealth Management at the end of June 2009 managed
invested assets of roughly EUR 171 billion. After the closing of the
transaction, Deutsche Bank will become the market leader in Germany in the
coverage of high-net-worth private clients, family assets and trusts.
The acquisition of Sal. Oppenheim group will be implemented via various
execution agreements and is expected to close in the first quarter 2010
subject to approval by the respective regulatory and anti-trust
authorities. The purchase price can be paid in Deutsche Bank shares. After
completion, Deutsche Bank's Tier 1 capital ratio is expected to remain at
approximately 11 percent.
Decisions concerning new management structures and governance will be made
and communicated in due course.
28.10.2009 |[![CDATA[|[a href="http://www.dgap.de"|]Financial News transmitted by DGAP|[/a|]]]|]
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Language: English
Company: Deutsche Bank AG
Theodor-Heuss-Allee 70
60486 Frankfurt a. M.
Deutschland
Phone: +49 (0)69 910-00
Fax: +49 (0)69 910-38 591
E-mail: Deutsche.Bank@db.com
Internet: www.deutsche-bank.de
ISIN: DE0005140008
WKN: 514000
Indices: DAX, EURO STOXX 50
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
Düsseldorf, München, Hannover, Stuttgart, Hamburg;
Terminbörse EUREX; Foreign Exchange(s) NYSE
End of News DGAP News-Service
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DGAP-Adhoc: Deutsche Bank and Sal. Oppenheim sign framework agreement
| Source: EQS Group AG