IR Releases - Archive

June 6, 2000

Deutsche Bank reduces Allianz stake to 4.1%

DB Investor, the arm of Deutsche Bank set up to manage the bank's industrial shareholdings, has further reduced its stake in Allianz AG, the insurer, to 4.1%. As part of the transaction 7 mn shares, worth approximately EUR 2.5 bn, were placed globally with investors. The sale was executed as an "accelerated book build" and was very heavily oversubscribed. The block sale achieved a price of EUR 362 per share, a discount of 2 % to the reference price at closing of the book.

The economic disposal has been achieved by an innovative structure which allows Deutsche Bank to obtain the full benefits from the upcoming tax reform in Germany. The transaction will qualify as a disposal for the Deutsche Bank Group in its IAS accounts, giving rise to a capital gain in excess of EUR 2 bn, but without triggering a tax disposal in the current year. The Allianz holding has been reduced now to take advantage of current market conditions.

Dr. Rolf-E. Breuer, spokesman of the Group Board of Deutsche Bank, commented: "Following the block sale of 2.3% Allianz shares in October last year, this deal confirms the ability of DB Investor to develop innovative structures to manage our portfolio and the Deutsche Bank's commitment to realise maximum shareholder value by reducing its historic industrial shareholdings. The transaction also forms a major contribution towards unraveling the web of cross shareholdings in Germany, thereby boosting the competitiveness of German industry in the global economy."

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